Los Altos Real Estate Market – March 2009 Update
March 2009 sales of single family homes in Los Altos were soft. According to MLS Listings, Inc. data, for the month of March 2009, 14 single family homes closed escrow in Los Altos. This is a significant decline over previous March’s sales totals. March’s sales totals (in units) were the lowest (for the month of March) in the last 12 years, one half the 12 year average (of 30 sales). The graph below documents the dismal sales numbers.
With the significant (year over year) decline in the number of sales (in March), 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 March for the last 12 years. In March 2009, the steep decline in sales prices were due in part to property values going down as well as buyer’s continuing to avoid the higher end market.
In March, one home sold at $3 million dollars, one sold at $2.19 million, but the rest sold under $1.6 million. The lowest sales price was $975,000.
March 2009 had the lowest list price to sales price ratio in the last 12 years at 92.75%. The March list price to sales price ratio dropped 10 points below its 12 year average of 103.7%. See the graph below for details.
Lastly, not only are homes selling for less, they are taking longer to sell. In March 2009 it took on average 64 days to sell a home, the 12 year average for homes that sold in March is 38 days, with 2003 being the toughest market at 77 days. See details below.
All in all its been a tough real estate market for sellers. Financing and low consumer confidence continue to have a major impact on our local market.
