Monday, November 8, 2010

October Market Report - Los Altos Real Estate

The month of October was great for Los Altos real estate.  The final numbers show that October is one of the strongest months for selling homes in Los Altos for many, many months.  There were 34 homes sold compared to 25 sold in October 2009, and 19 in September 2010.  The average selling price was  $1.94 million which is much higher than any previous month this year.  What drove this bump was sales over $2 milion and strong performance in the market band of homes in the $2-3 million range.
The median and average sales prices were $1,737,000 and $1,940,000 respectively.  Those figures in Los Altos were $1,580,000 and $1,710,000, respectively, in October 2009.  Inventory was down to 73 units vs. 89 a year ago and new listings were down to 26 from 36 a year ago.  The percentage of listing price sold is up to 97% from 95% last year.  This shows that Los Altos is doing much better.

Sales Over $2 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.
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
The Average Days On Market did not skew to the high side even with the sale of a few homes that had been on the market a long time.  the average days on market for Los Altos in October was 59, down from 75 in October 2009.

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