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LOS ALTOS SINGLE-FAMILY HOMES

2022 ANNUAL REPORT

RECAP OF 2022

  • Average and median price up 2% for the year
  • 1st half average over $4.7M; 2nd half average over $4.1M
  • 2nd half average down 4% from 2021
  • 60% sold over list price (compared to 77% in 2021)
  • Number of sales down sharply
  • Homes sold quickly

PRICES
Prices reached record highs once again for the year but there was a definite shift in prices as the year went on. The average and median remained well above $4 million and were each 2% higher than the previous year. In the first half, the average was $4,762,652, a significant 10% increase from 2021. As the year went on, the average price dropped in the second half to $4,123,055, a 4% decline from 2021. 

The median price (half of all homes above and half below this price) followed suit even more substantially with a 7% increase in the first half to $4,400,000 and then a 6% decline in the second half to $3,860,000.  

58 homes, 22%, sold for $5 million or more. The highest end of the market was particularly strong with 14 sales for $7 million or more, including 3 sales for $10 million or more. The highest sale at $11.5 million tied the all-time high set in 2021. 

There were 160 homes, or 60%, that sold for more than list price; this compares to 77% in 2021 and 52% in 2020. There was a dramatic shift in this statistic between the first and second halves with 83% sold over list price in the first half and only 41% in the second half.

NUMBER OF SALES
As in all surrounding cities, sales were down dramatically from the record-breaking highs of 2021 during the pandemic. There were 268 single-family home sales reported through the Multiple Listing Service in 2022, a 31% decline since 2021. In addition to the single-family home sales, there were 46 condo/ townhome sales – a significant 40% decrease from 2021 but on par with previous years. If you would like further details on condo/townhome sales in 2022, which are not included in this report, I would be happy to provide them to you.

The number of new listings, at 347, was similar to the numbers in 2013 to 2020 (it then shot up to 405 in 2021), however, still far below the number of new listings prior to 2013 when they ranged from 450 to 600. This steady decline of new listings has been a factor in the steady increase in prices since then.

LENGTH OF TIME TO SELL
Homes sold very fast in 2022. A significant number of homes, 37%, sold in 7 days or less; another 35% sold within 8 to 14 days. There were only 36 homes that were on the market for 30 days or more.

There was a direct correlation between days on market and price. For the 41 homes that required a price reduction, the median days on market was 32. Of these 41 homes, 33 had the price reduction in the second half. Setting the correct price based on local market knowledge and market conditions is essential to obtaining maximum value and a timely sale.

NUMBER OF SALES
As in all surrounding cities, sales were down dramatically from the record-breaking highs of 2021 during the pandemic. There were 268 single-family home sales reported through the Multiple Listing Service in 2022, a 31% decline since 2021. In addition to the single-family home sales, there were 46 condo/ townhome sales – a significant 40% decrease from 2021 but on par with previous years. If you would like further details on condo/townhome sales in 2022, which are not included in this report, I would be happy to provide them to you.

The number of new listings, at 347, was similar to the numbers in 2013 to 2020 (it then shot up to 405 in 2021), however, still far below the number of new listings prior to 2013 when they ranged from 450 to 600. This steady decline of new listings has been a factor in the steady increase in prices since then.

LENGTH OF TIME TO SELL
Homes sold very fast in 2022. A significant number of homes, 37%, sold in 7 days or less; another 35% sold within 8 to 14 days. There were only 36 homes that were on the market for 30 days or more.

There was a direct correlation between days on market and price. For the 41 homes that required a price reduction, the median days on market was 32. Of these 41 homes, 33 had the price reduction in the second half. Setting the correct price based on local market knowledge and market conditions is essential to obtaining maximum value and a timely sale.

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2022 Q3 2022 Half Year Report 2022 Q1