Mixed Average and Median Prices
For the month of September, 2010 the average sales price (ASP) in Los Altos Hills was $2,670,000 compared to $2,062,500 in September 2009. That's an increase of 29%. While that appears to indicate that the high-end market is on fire, it isn't. I did a price analysis of homes selling in the $2-3 million range and the market is still having difficulty. The median sales price in Los Altos Hills for September 2010 was $2,540,000 versus $2,297,500 in September 2009. That's a respectable 5.5% increase. However, I'm not a fan of median prices so this is merely a reflection of a single month and not the year. Yes, the market is doing better but not quite as good as these figures would suggest.
Sales Volume Was Down
Los Altos Hills had 7 closed sales in September 2010 versus 8 in the same period of 2009. The number of days on market went up, from 83 days last year to 125 days this year. Many homes that have been on the market a while have finally sold and it's skewing the numbers.
Inventory Is Flat In Los Altos Hills
There were 67 homes on the market in September versus 70 in the same period of 2009. There have been fewer listings this year but in general the inventory in Los Altos Hills is down as most sellers are taking a "wait and see" approach to the market.
Fourth Quarter Trends
As with other area, we typically see inventory drop along with average and median selling prices as well as the number of homes sold in Q4. I feel we'll see more strength going into the end of the year as the economy continues to strengthen.