Friday, November 6, 2009

Market Update - Los Altos, Hills, and Mountain View

Today is tour day and we're really light on new listings which is typical this time of year. Here are the stats:

Tour Inventory
Los Altos: 6 new properties, 5 retours
Los Altos Hills: 0 new properties, 0 retours
Mountain View: 3 new properties, 5 re-tours

Overall Inventory
Los Altos: 91 homes and condos vs. 94 last Friday
Los Altos Hills: 54 homes and condos vs. 55 last Friday
Mountain View: 96 homes and condos vs. 109 last Friday

So, inventory is dropping nicely which is normal this time of year. In Los Altos and Mountain View, those drops are due primarily to sales. However, in Los Altos Hills a significant amount of inventory was taken off the market and will likely come back next year.

There are still price reductions but not many. Of the homes being re-toured in Mountain View only 1 had a price reduction. Of the homes being re-toured in Los Altos, 4 had price reductions. The average of those price drops is 14% which means those sellers are serious about selling. In all fairness, the price drop on 75 Coronado Ave from $4.995M to $4.188M is really just to bring it in line with the market anyway. The original price should never have been that high.

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