The Reality of the Los Altos Real Estate Market, How Was Our Market in 2011?

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According to Leslie Appleton Young, the Chief Economist for the California Association of Realtors, California’s home sales should increase approximately 2% and the median home price, which dropped 4% in 2011, should be up slightly.  Click on CAR’s 2012 Housing Market Forecast for a 2-minute video snap shot.

That’s nice information, but it doesn’t really tell us the true story about what’s happening in our local real estate market.  It is a statewide forecast, not a Los Altos or Mountain View Forecast.  Below are our local numbers.

Single Family Home Sales In Los Altos – 2011

Los Altos saw 308 single family homes sell in 2011, a 7.8% drop from 2010 (334).  One would think that because the number of sales are down that sales prices would also be down.  However, this is not the case.  Median sales prices were up 6.3% from $1,550,000 (2010) to $1,647,000 (2011).  Sales were brisk, with the average days on the market down from 53 (2010) to 40 (2011).  Lastly, the list price to sales price ratio was also up, from 98.1% (2010) to 99% (2011).   Sellers were more realistic in their asking prices.

Condo/Townhome Sales in Los Altos – 2011

Forty-nine Condos/Townhomes close escrow in Los Altos in 2011.  That is up 19% from 2010 (41) and 25% from 2009 (39).  The median sales price was also up 5.3% from $760K (2009, 2010) to 800K in 2011.  The number of days on the market for condos/townhomes was cut in half from 103 days (2010) to 52 days in 2011.  Lastly, the list price to sales price ratio jumped two percentage points from 96% to 98.3%, indicating that sellers are realistically pricing their properties.

The graphs below show the numbers.  Note: all data was taken from MLSListings.com our local Multiple listing service provider.

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Are you curious to know what that Los Altos home sold for in 2011?

Click on 2011 Los Altos Residential Summary Report for details (address, sales price, size etc.) on the all the single family homes that closed escrow in 2011 in Los Altos.  Note: all data was taken from our local MLS and is deemed accurate but not guaranteed.

Are you curious to know what that Los Altos Condo or Townhome sold for in 2011?

Click on 2011 Los Altos Condo:Townhome Residential Summary Report for details (address, sales price, size etc.) on the all the condos/townhomes that closed escrow in 2011 in Los Altos.  Note: all data was taken from our local MLS and is deemed accurate but not guaranteed.

Should you have any questions about selling your home in today’s market or you wish to purchase a home, please call or text me at 650 465-0755.

 

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