November was a slow month for sales in Los Altos. There were 22 sales with an average listing price of $1,593,485 and an average selling price of $1,547,586 which is 97% listing/sold ratio. This is down from 28 sales in November 2009 when the average listing price was $1,678,518. No matter how you slice it, the market is down from October 2010 or November 2009. Does this mean we're heading down in general? No. In my opinion based on watching this market for years, this is just a one time slowdown. The trend in Los Altos has been up for the year. Inventory is low and listings are getting a lot of buyer interest. Uncertainty tied to the economy is probably having an affect on buyers making offers.
Sales Over $2 and $3 Million
There were 3 sales over $2 million but they were well off their asking prices with one exception which was n overbid. In November 2009 there were 5 sales and three of those were well over the $2 million mark. Those big sales are exactly why the market isn't as high right now. So, as discussed before, this critical segment of the market is where improvements in median and average sales prices are being made or lost. This month the high-end sales didn't happen so the median and averages took a hit. Los Altos usually does well in this price range and we've seen better activity recently so we may have gotten such a good run in October that November was that much less active.
Inventory is trending lower which is normal. There were virtually no new listings in the last 2 weeks of November which is a trend that has continued into December. With the limited inventory, buyers will have to decide if they want to wait until next year in the hopes of seeing more of just snap up what is available. We'll see.