Los Altos Real Estate Market Update – A 12 Year History of Home Sales
Below are the real estate sales statistics for single family homes sold within the city of Los Altos going back to 1998. These statistics go to prove that last year was a difficult year for local real estate. Note: all data was taken from our local MLS and is deemed accurate but not guaranteed.
62 percent of all single family home listings sold in 2009. This is about seven percentage points lower than the 12 year average of 69%. Only 2001 and 2008 had a lower percentage of listings sell. Listings also continue to be off relative to prior years.
Not reflected in the above stats yet indicative that the market may be changing is the increase of sales towards the end of the year. An article in today’s San Jose Mercury News discusses this uptick in 2nd half sales.
Only 27 homes sold in the 1st quarter of 2009. That number jumped to 75 in Q2, 87 in Q3 and 80 in Q4. Rarely have we had a Q4 with sales so strong. Only twice in the last 12 years has Q4 had such strong sales (2006 and 1998).
Based on this data, it appears that were back to about 2004 values.
Property is still selling, albeit at a slower pace. Homes in the lower price ranges are selling better than higher end homes. Homes properly priced and presented to the market will sell. Unfortunately, we’re still seeing a fair amount of over priced listings that will continue to “chase” the market down (somewhat skewing the stats). This isn’t the time to “test” the market. If you wish to sell, do it right or it will cost you in the long run.
As always, if you have any real estate questions please contact me for a confidential discussion of your real estate options.
