In today's SJ Mercury News (www.sjmercury.com) there was a story on the drop in area prices and how Zillow offers a tool to track the changes over time. While the story was focused on the negative aspects of the market, it completely failed to point out the areas where prices have risen. One town enjoying another year-over-year gain in average sales price is... LOS ALTOS!
In the data offered by Zillow, Los Altos has seen a 3.2% average sales price increase in 2008 vs. 2007. Assuming that the data only reflects the first 4 months of the year (Jan-April) that translates to an annualized increase of 9.6% which is about what the increase was for Los Altos last year! That tells, and should tell my readers here that Los Altos has been and continues to be a strong market.
For buyers, you can feel confident that your investment will increase in value. For sellers, it ensures plenty of demand and a fair sales price.