October was a mixed month for the Los Altos Hills real estate market. As I said in my preliminary report, the sale of one $8 million home has skewed some of the value. That's most evident in the percentage of listing price received. That was down to 88% in October 2010, down from 95% a year ago.
The median and average sales prices were $2,150,000 and $3,012,000 respectively. Last year, those figures in Los Altos Hills were $2,435,000 and $2,545,000. So, the average is up (due to the one large sale) but the median is down. Median has little meaning for this month because there were only 8 sales, compared to 11 in 2009. Inventory was up to 64 units vs. 58 a year ago and new listings were up to 14 from 6 a year ago. The trend is more inventory and fewer sales but few days on market (only 102 vs. 128 last year).
Sales Over $2 and $3 Million
There were 3 sales over $2 million and each was very close to their asking price. There was 1 sale over $3 million (except the $8M property) and it was also very close to its asking price. Those are critical for the stats in Los Altos Hills because the market in the $2-3 million market band has had trouble still this year. As I said in my last report, one month is not a trend but it could bode well in establishing 2010 as a turning point in the high-end market of Los Altos Hills.
One Big Sale
The home that sold for $8.2 million was listed at $10.9 million so that has skewed a few numbers. The bright side of October 2010 is that all the other homes sold for close to their asking prices. This would seem to indicate that homes priced well are in fact getting solid offers.
Comparison to September
The October market in Los Altos Hills had fewer new listings, lower inventory, more sales, lower days on market, and a higher average selling price which is all good for the long-term trend. The activity of buyers in November indicates that this trend could continue. What will impact sales this month is the loss of several selling days due to holidays.