RECAP OF 2024 1ST QUARTER
NUMBER OF SALES
There were 123 sales of single-family homes reported through the Multiple Listing Service in the 1st half. This compares to 97 sales in the 1st half of 2023, 120 sales in the 1st half of 2022, and 188 sales in the 1st half of 2021. The on-going decline in sales is directly related to the few number of homes available for sale.
In addition to the 123 single-family home sales, there were 30 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.
PRICES
Prices reached record highs. The average increased 3% to $4,488,554. The median price increased 5% in the 1st half to $4.3 million. Median and average prices in every area exceeded $4 million for the first time. There were 2 sales in the $9 million price range.
In the 1st half, there were 32 sales, or 26%, for more than $5 million; only one home sold for less than $2 million. 82 of the 123 sales, or 67%, sold for more than list price, a far higher percentage than last year.
The price per square foot in the 1st half was $1,885 – a new record high and 9% higher than last year.
LENGTH OF TIME TO SELL
Strong demand was evidenced by how quickly homes sold. 83% sold in 2 weeks or less and 46% sold in one week or less. Only 6% took longer than 30 days to sell.
OUTLOOK
As I reported to you at the beginning of the year in my annual report (find it at DavidTroyer.com/lareport), I anticipated a seller’s market for the first several months. Sales activity was low in the 1st quarter and then did not accelerate until the 2nd quarter when more homes became available for sale. At that time, I had also predicted that there would be a slower-than-usual 3rd quarter, attributing this to the unusual circumstances of a politically charged election, potentially keeping many buyers on the fence as they await the outcome. Based on the incredibly strong demand we have seen so far this year, I now expect the next several months to continue at this accelerated pace, although there may be a slowdown just before and after the election. My optimism prevails for Los Altos, especially for sellers.
Los Altos continues to be one of the most desirable places to live in the Bay Area. The presence of excellent schools, a vibrant downtown area, and its convenient location make it a smart investment for buyers, which is why property prices remain high.
With just 17 homes actively for sale (and another 5 homes being privately marketed), now is an opportune time to list your home for sale with The Troyer Group. Our team has a proven track record of helping sellers prepare their homes for sale quickly and effectively, and we are committed to getting you your price or more. Please do not hesitate to contact us. You have nothing to lose.
PRICES
Prices reached record highs. The average increased 3% to $4,488,554. The median price increased 5% in the 1st half to $4.3 million. Median and average prices in every area exceeded $4 million for the first time. There were 2 sales in the $9 million price range.
In the 1st half, there were 32 sales, or 26%, for more than $5 million; only one home sold for less than $2 million. 82 of the 123 sales, or 67%, sold for more than list price, a far higher percentage than last year.
The price per square foot in the 1st half was $1,885 – a new record high and 9% higher than last year.
LENGTH OF TIME TO SELL
Strong demand was evidenced by how quickly homes sold. 83% sold in 2 weeks or less and 46% sold in one week or less. Only 6% took longer than 30 days to sell.
OUTLOOK
As I reported to you at the beginning of the year in my annual report (find it at DavidTroyer.com/lareport), I anticipated a seller’s market for the first several months. Sales activity was low in the 1st quarter and then did not accelerate until the 2nd quarter when more homes became available for sale. At that time, I had also predicted that there would be a slower-than-usual 3rd quarter, attributing this to the unusual circumstances of a politically charged election, potentially keeping many buyers on the fence as they await the outcome. Based on the incredibly strong demand we have seen so far this year, I now expect the next several months to continue at this accelerated pace, although there may be a slowdown just before and after the election. My optimism prevails for Los Altos, especially for sellers.
Los Altos continues to be one of the most desirable places to live in the Bay Area. The presence of excellent schools, a vibrant downtown area, and its convenient location make it a smart investment for buyers, which is why property prices remain high.
With just 17 homes actively for sale (and another 5 homes being privately marketed), now is an opportune time to list your home for sale with The Troyer Group. Our team has a proven track record of helping sellers prepare their homes for sale quickly and effectively, and we are committed to getting you your price or more. Please do not hesitate to contact us. You have nothing to lose.
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 and $5,041,572 in the 2nd quarter resulting in a 1st half average price of $4,777,952, which was 9% lower than the same period last year. Much of last year’s high average price had to do with a record-breaking sale of one home in this area for $13 million. There were 3 sales for more than $7 million and 7 sales for $6 million or more in the 1st half.
There were just 18 sales in the 1st quarter and 26 sales in the 2nd quarter. This low number was due to the few number of homes for sale.
A significant 80% of the homes in the 1st half sold for list price or more. The average price per square foot in the 1st half was $1,970. This was 18% higher than it was in the 1st half of 2023.
There were 8 sales, compared to just 5 sales in the 1st half of 2023. Of the 8 sales, 6 were for more than list price, indicating a high level of demand. The average price, at $4,779,125, was up just slightly and was a new record high. The median price, on the other hand, was down 7% compared to all of last year. While not a record high for the area, there was one sale for $9 million (The Troyer Group is proud to have represented the buyer for less than list price).
Of the 8 sales, 7 sold in less than 8 days, another clear indication of demand. Only one home sold for less than $3 million. The average price per square foot reached $1,787 – a 14% increase compared to last year and a new record high.
There were 5 sales in the 1st quarter and then 7 sales in the 2nd quarter. The total of 12 sales compares to 8 sales in the 1st half of 2023. No homes sold for less than $3 million. The average price, at $4,112,765, once again reached a record high, as it has every year since 2012. Only 10 years ago, the average price was less than $2 million. The median price was also a record high.
Of the 12 sales, 8 were for more than list price. Only 2 homes took longer than 3 weeks to sell.
The average price per square foot in the 1st half was $1,601, which was 4% lower than it was last year when it was $1,664.
Sales increased from 56 in the 1st half of 2023 to 59 in the 1st half of 2024. There were just 18 sales in the 1st quarter and then 41 sales in the 2nd quarter. Prices though, during this period, were 4% higher with the average price of $4,309,764 reaching nearly the record-high price in 2022.
Of the 59 sales, 42, or 71%, sold over list price. Another clear indication of demand was how quickly homes sold – 83% sold in 2 weeks or less. There were 3 sales for more than $6 million and just 4 sales for less than $3 million.
Price per square foot in the 1st half was $1,892, which was a new record high price.