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The Return of the High-End Market in Los Altos Hills?

Home sales jumped in Los Altos Hills and Los Altos in March.

If monthly home sales statistics are good market indicators, we may be seeing the beginning of a return of the high-end market in Los Altos Hills.

The latest released data, show home sales jumped by a whopping 300 percent in Los Altos Hills in March, over the previous month. And it was six times that from the same time last year. The Los Altos Hills median home price was also up by 29 percent from last year.

Home sales in Los Altos also more than doubled from the previous month, although it was down by 13 percent from last year.

In absolute numbers, a total of 28 and 12 single-family homes were sold in Los Altos and Los Altos Hills respectively. Compare this to February, when only 13 homes in Los Altos and three homes were sold. And compare that to the same time last year, when 32 homes were sold in Los Altos and two homes in Los Altos Hills were sold.

The median home price was $2,383,333 in Los Altos Hills and $1,597,500 in Los Altos, representing a 5 percent and 29 percent increase, respectively, from last year.

Despite the jump in sales, buyers on average paid less in relation to the asking price as compared to February. The average time taken to sell a home also went up.

But the rise in sales is the best testimonial that demand for housing has experienced a solid increase in Los Altos and Los Altos Hills.

Spring usually marks the beginning of the house-hunting season. With many economists continuing to be concerned of a double-dip in the housing market, it is encouraging to see such a big jump in sales. We’ll continue to monitor home sales activities in our neighborhoods and report back to you, as we are entering into this critical time of housing recovery. Stay tuned!

March 2011 Home Sales Statistics

Single Family Residences

City

Sales

Change from last year

Average Day on Market

Median price

Change from last year

% of list price received

Los Altos

28

-13%

73

1,597,500

5%

97.67

Los Altos Hills

12

500%

139

2,383,333

29%

89.59

 

Source: MLS Listings

Information deemed reliable but not guaranteed.

Audrey Crowley April 13, 2011 at 02:54 PM
How did the $100 million sale affect these numbers?
Ed Radlo April 13, 2011 at 10:56 PM
The $100,000,000 sale in Los Altos Hills affected these numbers very little, because the prices discussed in the article are median prices, not mean prices.
Winnie Yip Fong April 13, 2011 at 11:58 PM
The 100 million sale was not part of these statistics as it was sold off the market. The MLS data are based on sales conducted by participating agents of homes that were listed and then sold on the market.
L.A. Chung April 14, 2011 at 05:55 PM
And to be clear, because the home in question was sold off market, few people actually know the exact sales price. Records were entered into the county recorder's office database but are not recorded on the deed, per California law cited in our original story: http://patch.com/A-gt49 Even we wrote "estimated $100 million." Estimates have ranged from $75 million to $100 million, but, again as our columnist says, off-market sales are not part of the MLS data. Even if it were part of MLS data, as @Ed Radlo commented, the median price of homes in LAH would not have been affected much.

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