RECAP OF 1ST QUARTER 2024
NUMBER OF SALES
There were just 14 sales reported through the Multiple Listing Service in the 1st quarter. This continues the downward trend in sales with 13 in the 4th quarter of 2023, 11 sales in the 3rd quarter, and 16 in the 2nd quarter. It is also on trend with the 1st quarter of last year when there were just 12 sales. The precipitous decline in sales is directly related to the few number of new listings.
PRICES
Despite the low number of sales, prices were strong. The average price was down just 1% in the 1st quarter but the median price was up 6% to a new record. Prices ranged from $3.15 million to $9.9 million. Performing even stronger was the price per square foot, which reached a record high of $1,809 and an increase of 14%.
Only 4 homes sold for more than list price, compared to 3 in the first quarter of last year.
LENGTH OF TIME TO SELL
Homes took slightly longer to sell than they did in 2023, when the median days on market was just 11. The median days on market in the first quarter was 13, and far better than the 24 days in the first quarter of last year. The average days on market in the first quarter was 27 due to 3 homes that took substantially longer than 30 days to sell.
OUTLOOK
In my 2023 annual report to you at the beginning of this year, I anticipated a slower start in the first several months of this year with notably low inventory levels, resulting in strong prices and thus creating a seller’s market. This has been the case. I also anticipated then, and still do, a slower-than-usual Q3 because of the politically charged election in November.
I am encouraging sellers to act now and not delay as there are many buyers in the market right now but very few homes available for sale in Los Altos Hills. Currently, there are just 16 homes for sale, plus another 8 homes that are being privately marketed. The weather this year has been a factor as well with the inventory levels, with unusually wet and cold days. Now that perhaps we have turned that corner, I expect competition to heat up.
I remain optimistic on the long-term value of owning a home in Los Altos Hills, which continues to be one of the best places to live in the Bay Area – and commands the second highest price after Atherton. Now is an opportune time to consider listing your property with The Troyer Group. Our team has a proven track record of helping sellers prepare their homes for sale quickly and effectively, and we’re committed to getting you the best possible price for your property. Please don’t hesitate to contact us to discuss your individual situation today.
PRICES
Despite the low number of sales, prices were strong. The average price was down just 1% in the 1st quarter but the median price was up 6% to a new record. Prices ranged from $3.15 million to $9.9 million. Performing even stronger was the price per square foot, which reached a record high of $1,809 and an increase of 14%.
Only 4 homes sold for more than list price, compared to 3 in the first quarter of last year.
LENGTH OF TIME TO SELL
Homes took slightly longer to sell than they did in 2023, when the median days on market was just 11. The median days on market in the first quarter was 13, and far better than the 24 days in the first quarter of last year. The average days on market in the first quarter was 27 due to 3 homes that took substantially longer than 30 days to sell.
OUTLOOK
In my 2023 annual report to you at the beginning of this year, I anticipated a slower start in the first several months of this year with notably low inventory levels, resulting in strong prices and thus creating a seller’s market. This has been the case. I also anticipated then, and still do, a slower-than-usual Q3 because of the politically charged election in November.
I am encouraging sellers to act now and not delay as there are many buyers in the market right now but very few homes available for sale in Los Altos Hills. Currently, there are just 16 homes for sale, plus another 8 homes that are being privately marketed. The weather this year has been a factor as well with the inventory levels, with unusually wet and cold days. Now that perhaps we have turned that corner, I expect competition to heat up.
I remain optimistic on the long-term value of owning a home in Los Altos Hills, which continues to be one of the best places to live in the Bay Area – and commands the second highest price after Atherton. Now is an opportune time to consider listing your property with The Troyer Group. Our team has a proven track record of helping sellers prepare their homes for sale quickly and effectively, and we’re committed to getting you the best possible price for your property. Please don’t hesitate to contact us to discuss your individual situation today.
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