RECAP OF 1ST HALF 2024
NUMBER OF SALES
There were 33 sales in the 1st half, with only 14 in the 1st quarter, as reported through the Multiple Listing Service. The 1st half sales of 33 compares to 28 sales in the 1st half of 2023, 44 in the 1st half of 2022, and 56 in the 1st half of 2021. Despite the low number of sales, the number of new listings was up 64% compared to the same period last year.
PRICES
Along with the 18% increase in number of sales came record high prices. The average price was $6,518,663, a 9% increase since last year and 5.5% higher than the previous record high set in 2022 during the pandemic. The median price reached a dramatic new high of $6,100,000 – 16% higher than last year.
Contributing to the increase in average price was the high end of the market, which was strong with 4 sales between $10 million and $14 million. There were an additional 7 sales between $7 million and $10 million; there was just one sale for under $3 million. Although prices were at record highs, only 42% of the sales were for more than list price. This compares to 68% in the same period last year.
The price per square foot in the 1st half was $1,675 – a 5% increase from last year when it was $1,592.
LENGTH OF TIME TO SELL
Homes took longer to sell than they did during this period last year. 45% sold in 2 weeks or less, and it is also notable that 33% took longer than 40 days to sell.
OUTLOOK
As I reported to you at the beginning of the year in my annual report (find it at DavidTroyer.com/lahreport), I anticipated a seller’s market for the first several months. Sales activity was low in the 1st quarter and then did not accelerate until the 2nd quarter when more homes became available for sale. At that time, I had also predicted that there would be a slower-than-usual 3rd quarter, attributing this to the unusual circumstances of a politically charged election, potentially keeping many buyers on the fence as they await the outcome. Based on the incredibly strong demand we have seen so far this year, I now expect the next several months to continue at this accelerated pace, although there may be a slowdown just before and after the election. My optimism prevails for Los Altos Hills, especially for sellers.
Los Altos Hills continues to be one of the most desirable places to live in the Bay Area. The presence of excellent schools, larger lot sizes, and its convenient location make it a smart investment for buyers, which is why property prices remain high.
With just 21 homes actively for sale (and another 8 homes being privately marketed), now is an opportune time to list your home for sale with The Troyer Group. Our team has a proven track record of helping sellers prepare their homes for sale quickly and effectively, and we are committed to getting you your price or more. Please do not hesitate to contact us. You have nothing to lose.
PRICES
Along with the 18% increase in number of sales came record high prices. The average price was $6,518,663, a 9% increase since last year and 5.5% higher than the previous record high set in 2022 during the pandemic. The median price reached a dramatic new high of $6,100,000 – 16% higher than last year.
Contributing to the increase in average price was the high end of the market, which was strong with 4 sales between $10 million and $14 million. There were an additional 7 sales between $7 million and $10 million; there was just one sale for under $3 million. Although prices were at record highs, only 42% of the sales were for more than list price. This compares to 68% in the same period last year.
The price per square foot in the 1st half was $1,675 – a 5% increase from last year when it was $1,592.
LENGTH OF TIME TO SELL
Homes took longer to sell than they did during this period last year. 45% sold in 2 weeks or less, and it is also notable that 33% took longer than 40 days to sell.
OUTLOOK
As I reported to you at the beginning of the year in my annual report (find it at DavidTroyer.com/lahreport), I anticipated a seller’s market for the first several months. Sales activity was low in the 1st quarter and then did not accelerate until the 2nd quarter when more homes became available for sale. At that time, I had also predicted that there would be a slower-than-usual 3rd quarter, attributing this to the unusual circumstances of a politically charged election, potentially keeping many buyers on the fence as they await the outcome. Based on the incredibly strong demand we have seen so far this year, I now expect the next several months to continue at this accelerated pace, although there may be a slowdown just before and after the election. My optimism prevails for Los Altos Hills, especially for sellers.
Los Altos Hills continues to be one of the most desirable places to live in the Bay Area. The presence of excellent schools, larger lot sizes, and its convenient location make it a smart investment for buyers, which is why property prices remain high.
With just 21 homes actively for sale (and another 8 homes being privately marketed), now is an opportune time to list your home for sale with The Troyer Group. Our team has a proven track record of helping sellers prepare their homes for sale quickly and effectively, and we are committed to getting you your price or more. Please do not hesitate to contact us. You have nothing to lose.
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