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LOS ALTOS SINGLE-FAMILY HOMES

RECAP OF 3RD QUARTER 2022

  • Average Q3 price of $4,130,563; down 6% compared to Q3 last year
  • Median Q3 price of $3,832,500; down 8.5% compared to Q3 last year
  • 44% sold over list price in Q3
  • 59% sold in 2 weeks or less in Q3
  • 2 sales for more than $7 million in Q3; 17 sales over $5 million
  • Average YTD price up 6% compared to all of last year

PRICES
The average price for the 94 homes sold in the 3rd quarter was $4,130,563. 2 homes sold for more than $7 million and 17 homes sold for more than $5 million. There was just 1 home that sold for less than $2 million. The average price in the 3rd quarter was down 6% compared to the same quarter last year. Year-to-date through the 3rd quarter, the average price of $4,489,435 is up 6% compared to last year. 

The median price in the 3rd quarter was $3,832,500, representing an 8.5% decline compared to the same quarter last year. Year-to-date through the 3rd quarter,
the median price is up 4% compared to last year. 

The price per square foot through the 3rd quarter reached a record high at $1,828 – a 10% increase compared to all of 2021 when it was $1,655. 

There were 41 homes, or 44%, that sold for more than list price. On average, homes in the 3rd quarter sold for 99.7% of list price – the first time dropping below 100% in quite some time.

LENGTH OF TIME TO SELL
Homes sold quickly in the 3rd quarter with half selling in 11 days or less and 59% selling in 2 weeks or less. On average, homes in the 3rd quarter sold in 22 days. 

OUTLOOK
In my half-year report to you this year, I indicated that we had started to notice a slight shift in the market as buyers became more cautious due to stock market volatility, increasing interest rates, and fears of rising inflation. This continued into the 3rd quarter even though the number of sales picked up tremendously compared to the previous two quarters. While a shift continues away from the aggressive market of last year, it is still a seller’s market in Los Altos and the average price remains well over $4 million. I expect buyer caution to continue and recommend sellers price their home for today’s conditions. Experience, like mine, is essential. We can also prepare a home for sale faster than most anyone, which means getting your home on the market while conditions are still strong. I encourage you to call me so we can talk about your individual situation. You have nothing to lose.

NUMBER OF SALES
There were 41 sales in the 1st quarter, 78 sales in the 2nd quarter, and 94 sales in the 3rd quarter – a steady and significant increase as the year has gone on. This total of 213 sales through the 3rd quarter compares to 303 sales
in the same period last year – a 29% decline.

In addition to the 94 single-family home sales in the 3rd quarter, there were 11 condo/townhome sales. If you would like further details on condo/townhome sales this year, which are not included in this report, I would be happy to provide them to you.

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3RD QUARTER REPORT - SINGLE-FAMILY HOMES