Los Altos Real Estate Market – February 2009 Update
February 2009 sales of single family homes in Los Altos were soft. According to MLS Listings, Inc. data, for the month of February 2009, 6 single family homes closed escrow in Los Altos. This is a significant decline over previous year’s sales totals. February’s sales totals (in units) were the lowest (in the month of February) in the last 12 years; one third the 12 year average (of 17 sales). The graph below documents the dismal sales numbers.
With the significant (year over year) decline in the number of sales (in February), one might think that prices would also be softer. This appears to be the case.
Below is a chart detailing the average sales price and median sale price of property that closed escrow in February for the last 12 years. The huge decline in February’s sales prices is due in part to house values going down as well as buyer’s avoiding the higher end market. In February the highest priced paid for a home in Los Altos was “only” $1,900,000.
Lastly, the graph below shows the historical list price to sales price ratio for homes that closed escrow in February.
The 12 year average is slightly above 101%. February 2009’s list price to sales ratio was the lowest in the last 12 years at just under 95%.
All in all the market is very slow in Los Altos and the homes that are selling tend to be in the lower third price range. It is not a good time to sell. However, as a buyer, there may be some solid buying opportunities.
