RECAP OF 2024 1ST QUARTER
Average price on par with last year
Record-high median price
Both average and median over $4.2 million
Record-high price per square foot
65% sold over list price
Homes sold quickly; 80% in 2 weeks or less
NUMBER OF SALES
There were just 40 sales of single-family homes reported through the Multiple Listing Service in the 1st quarter. This compares to 38 sales in the same quarter in 2023 and 42 in the 1st quarter of 2022. The continuing decline in sales is directly related to the few number of homes available for sale and definitely not because of low demand.
In addition to the 40 single-family home sales, there were 4 condo/townhome sales, the same number as the 1st quarter of last year. 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.
PRICES
The median price reached a record high in the 1st quarter at $4,202,613, a 2.5% increase compared to all of last year.
The average price in the 1st quarter was slightly lower than last year, falling by 1% yet still remaining above $4.3 million at $4,329,810.
The high end of the market was strong with 9 homes selling for $5 million or more, including 3 homes in the $6 million range. There were no homes sold for less than $2.4 million.
The number of homes that sold over list price was high with 26, or 65%. This compares to 54% in all of last year.
The price per square foot in the 1st quarter was $1,956 – a 13% increase and a dramatic new record high.
LENGTH OF TIME TO SELL
Homes sold very quickly with 80% selling in 2 weeks or less. Only 4 homes took longer than 30 days to sell. The average days on market was 13 and the median days on market was just 8.
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. Currently, there are just 19 homes for sale, plus another 5 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, which continues to be one of the best places to live in the Bay Area – particularly with its vibrant downtown and excellent schools. 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
The median price reached a record high in the 1st quarter at $4,202,613, a 2.5% increase compared to all of last year.
The average price in the 1st quarter was slightly lower than last year, falling by 1% yet still remaining above $4.3 million at $4,329,810.
The high end of the market was strong with 9 homes selling for $5 million or more, including 3 homes in the $6 million range. There were no homes sold for less than $2.4 million.
The number of homes that sold over list price was high with 26, or 65%. This compares to 54% in all of last year.
The price per square foot in the 1st quarter was $1,956 – a 13% increase and a dramatic new record high.
LENGTH OF TIME TO SELL
Homes sold very quickly with 80% selling in 2 weeks or less. Only 4 homes took longer than 30 days to sell. The average days on market was 13 and the median days on market was just 8.
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. Currently, there are just 19 homes for sale, plus another 5 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, which continues to be one of the best places to live in the Bay Area – particularly with its vibrant downtown and excellent schools. 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.
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 in the 1st quarter was $4,397,167, which was 6% lower than last year when it reached a record high due to a $13 million sale here. There were 2 sales for more than $5 million and no sales for less than $2.46 million.
The median price increased 1.5% compared to last year to $4,475,000.
11 of the 18 homes sold, or 61%, sold for more than list price. The average price per square foot in North Los Altos in the 1st quarter was $1,999, a significant 15% increase compared to last year when it was $1,743. Only one home took longer than 27 days to sell.
With only 3 sales in the 1st quarter, the limited data is not enough to determine trends for this year. The 3 sales were in the $2 million, $3 million, and $6 million price ranges.
The average price of $4,510,000 was 4% lower than last year’s average of $4,720,385. The median price was down 7% from last year’s $4,307,000.
Two of the homes, the most expensive and the least expensive, sold for more than list price. All three sold in 6 or 8 days – remarkably fast.
There were just 2 sales in the 1st quarter of 2024, the same as in the 1st quarter of 2023 and 2022. This limited data is not enough to determine any trends in this area at this time.
Both homes sold for more than list price. The highest priced sale, at $5,100,180, sold for 19% more than list price.
The average price in the 1st quarter reflected a 12% increase compared to all of last year and the median price also reflected a 12% increase.
The average price per square foot was $1,604, 4% lower than in 2023 when it was $1,664.
There were 17 sales and only 1 home sold for less than $3 million; 5 homes sold for more than $5 million and 9 homes, or 53%, sold for more than $4 million.
The average price at $4,206,660 was less than 1% higher than it was in all of 2023. The median price however was 5% higher than last year, increasing to a record high of $4,200,000.
Price per square foot in the 1st quarter was an average of $2,024, a significant 16% more than last year’s average of $1,764. Half of the homes sold in 8 days or less and only 3 homes were on the market for more than 30 days.