Sunday, October 31, 2010

Early Market Report for October - Los Altos Real Estate Sales

October is looking like an incredible month after a slow September.  There are 32 homes with close of escrow dates in October which is substantial.  The average selling price for the month is $1.993 million which is a substantial spike over September.  Here are a few standout transactions.

Sales Over $3 Million
Los Altos had 4 properties listed over $3 million that were set to close this month and of those, 2 actually closed over $3 million, one was within $15,000 of that mark, and the last was at $2.775 million.

Sales Over $2 Million
Los Altos had 8 properties listed over $2 million and all of them sold for over $2 million.  This is huge for this market segment because as I had reported in September, homes in this price range have been selling with no up or down movement.  We'll see how sales this month change the course of median and averages in this critical high-end of the Los Altos market.

Days On Market
This figure will see a skew to the high side in the October stats as well as month-over-month, and possibly Q4.  This is because 4 homes had days on market over 200 days each.  The days on market for October was 61 but with 25% of the properties sold having 100 or more days on market, it's a little higher than most. Quick look at the results shows that most homes sold in less than 30 days with many selling in 2 weeks or less.

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