RECAP OF 2022
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.
Rollover or click map to see more information for each area.
Rollover or click map to see more information for each area.
The average price reached a record high exceeding $4.7 million – a 5% increase. In the first half, the average price was over $4.9 million and then dropped to over $4.5 million in the second half. There were 88 sales, the second-lowest number on records since 2006. 46 of the homes, or 52%, sold for more than list price.
A record-high sale price was reached at $10 million; the previous high was set in 2014. Sales were stronger in the second half at 50, compared to 38 in the first half.
Prices continued to set records in this area with the average increasing 3% due in part to an all-time high individual sale for Los Altos of $11.5 million. In the first half of the year, the average price was $5,264,063 and in the second half, the average price was $4,231,452
This was the only area in Los Altos to have an increase in the number of sales compared to 2021. Of the 31 sales, more than half sold for more than list price. Homes also sold very quickly with 61% selling in 9 days or less and only 5 taking longer than 30 days to sell.
Highlands prices continued to set records with both the average and median nearing $4 million. Just 8 years ago, the average price had not even reached $2 million. Like all areas, the number of sales was down, however, the majority of the sales were in the second half. In the first half of the year, the average price exceeded $4 million for the first time reaching $4,111,000 and then fell in the second half to $3,724,773, just slightly lower than it was in 2021.
Of the 29 sales, 18 sold for more than list price and half sold in 10 days or less. This area had the lowest price/square foot in Los Altos.
As always, more homes sold in South Los Altos than any other area in Los Altos due to its geographic size. However, the number of sales was the lowest ever on records dating back to 2006. This was the only area to have a slight decrease in both average and median prices. This, despite two record-high sales – one at $9.5 million and one at $10 million.
The average price in the first half of the year exceeded $4.5 million and then declined to over $3.8 million in the second half, which had 53% of the sales. Homes sold very quickly with a median days on market of just 8.