Los Altos Single Family Sales Chugging Along at a Slow Pace

While inventory is increasing, sales continue to run lower than last year.  According to MLSListings Inc. (our local multiple listing service) sales have slowed significantly over the last three months.  Comparing single family home sales statistics (August-October) with statistics from the same months last year, inventory is off by almost 42%, listings are down almost 34%, and sales are down almost 35%.  Although sales are down, the average sales price, as compared with last year, continues to climb – 9% in August, 4% in September, and 6.4% in October.  The Medium sales price is also trending upward – 7.4% in August, 4.9% in September and flat in October.

Currently there are 31 active listings ranging from a fairly original 3 bedroom, 2 bath ranch home on a busy street (for $1,295,000.) to one of the nicest estates ever built in downtown (5 bedroom, 4+ bath, 12,000+ sf home on an acre) for a mere $23,900,000.   There are 25 homes under contract.  Twenty of these homes have had all their contingencies removed and are waiting for a close date.   The other five still have buyer contingencies remaining.  See below for 2007 sales statistics.