Tuesday, September 14, 2010

Local schools even better, home values up?

We all know that school scores boost property values and reduce inventory. Guess what, the Los Altos School District is #1 in the area with a new district-wide API score of 965! Within our district, Bullis Charter School in Los Altos is the 9th highest scoring elementary school in the state with a score of 988. To get the latest scores I highly recommend visiting www.greatschools.org.

Los Altos is #1
With the Los Altos School District the best in the local luxury home markets (in particular, better than Las Lomitas or Palo Alto Unified), how will this drive sales and pricing of homes in the area. As with most peninsula towns, real estate sales are heavily driven by school scores. Will we see a spike in sales or a rise in prices because of these new scores?

One of Many Factors
I don't expect that the current round of scores will drive a significant spike in sales or prices. I say this because we're already at the top of the score rankings. The gains in most schools are only a few points. While we get closer to a perfect 1000 score, we're already so close that a few more points don't matter much.

I feel that school scores are one of many factors driving buyers in this market. The strong scores will probably boost interest and may result in a few more sales but that's about it. We can just relish the fact that we have some of the best schools in the state and that that fact will keep us a popular place to buy.

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