Mixed Average and Median Prices
For the month of September, 2010 the average sales price in Los Altos was $1,682,581 compared to $1,638,960 in September 2009. That's an increase of 2.66%. However, the median sales price in Los Altos for September 2010 was $1,476,000 versus $1,676,000 in September 2009. That's a substantial 12% drop. I personally don't place my weight in median prices as they don't tend to show the true trend of the market.
Sales Volume Was Down
Los Altos had 19 closed sales in September 2010 versus 29 in the same period of 2009. That's a large drop as well. However, the number of days on market or how fast homes sold was way down, 91 days last year to 43 days this year. That shows that homes are selling faster, which is a trend most Los Altos based agents will attest to. The market is strongest with entry level homes priced under $1.5 million.
Inventory Is Flat In Los Altos
There were 85 homes on the market in September versus 86 in the same period of 2009. There were more new homes coming on the market but since they sold faster the final inventory count ended up being lower.
Fourth Quarter Trends
Going into the final quarter of the year we typically see inventory drop along with average and median selling prices as well as the number of homes sold. This is in contrast to the year as a whole. Based on sales so far in October, that trend may not hold true this year. So far, the market is strong and we'll see how the final figures for Los Altos settle in a 12 days.