RECAP OF 1ST QUARTER 2022
• Prices soared in the 1st quarter
• Average price up 10% just since last year
• Average price over $4.6 million
• Median price $4.4+ million; up 7%
• 83% sold over list price
PRICES
Once again, prices reached amazing record highs in the 1st quarter! Both the average and median exceeded $4.4 million for the first time and the average price in North Los Altos and Country Club exceeded $5 million. For the first time, none of the individual areas had an average OR median price of less than $4 million.
2 new record high prices were reached at $10 million and $11.5 million. There were 10 sales for $5 million or more. 35 of the 42 sales, or 83%, were for more than list price and by as much as 50% more. Last year, 77% of homes sold over list price.
The price per square foot in the 1st quarter was $1,983 – a dramatic 20% increase from just last year when it was $1,604.
NUMBER OF SALES
There were only 42 sales of single-family homes reported through the Multiple Listing Service in the 1st quarter. This compares to 53 sales in the same quarter last year and was the lowest quarterly number since 2009 just after the recession. The precipitous decline in sales was directly related to the few number of homes available for sale and definitely not because of low demand.
In addition to the 42 single-family home sales, 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.
LENGTH OF TIME TO SELL
With demand like we saw in the 1st quarter, it’s no surprise that homes sold very quickly. Only 4 homes took longer than 12 days to sell. Half of the homes sold in 7 days or less.
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 $5,000,300 – a record high and the first time ever over $5 million. The average price in North Los Altos was up 11% since last year. While there was a unique 1-bedroom home in a commercial zone that sold for $1.35 million, all other homes sold for $4.3 million or more. A record-high sale of $10 million was reached.
There were just 10 sales in the 1st quarter, compared to 37 sales in the 4th quarter and 43 sales in the 3rd quarter. This low number was due to the few number of homes for sale.
80% of the homes sold for more than list price. The average price per square foot in North Los Altos in the 1st quarter was a record-high of $2,053. This was a dramatic 16% higher than it was in 2021.
Sales were strong in the 1st quarter at 8 sales ranging from $2.5 million to the record high price ever in all of Los Altos at $11.5 million. This compares to 6 sales in the 4th quarter and 5 sales in the 3rd quarter. The 1st quarter average price was $5,192,500, a 33% increase compared to the same quarter last year. The median price exceeded $4 million but was not a quarterly record, which was over $5 million in the 3rd quarter of last year.
6 of the 8 homes sold for more than list price; one sold at list price and the $11.5 million sale was for slightly less than list price. On average, homes sold for 15% more than list price. The average price per square foot reached a record high at $1,992 – a 29% increase compared to last year.
There were just 2 sales in the 1st quarter of 2022, one at $4,325,000 that sold for 44% over the list price of $2,998,000. The second home sold for $4,500,000, which was 5% over list price. The average price is up 18% just since last year and a remarkable 66% since 2019, pre-pandemic.
Each home sold very quickly from 6 to 10 days on the market.
The average price per square foot in the 1st quarter was $1,469, which was actually lower than in 2021 when it was $1,547. With the limited data of just 2 sales, this is certainly not a trend.
This area had the lowest increase in prices despite the average being $4.3+ million and the median being $4.1+ million. There were no sales for less than $3.1 million. 19 of the 22 sales, or 86%, were for more than list price, including 6 that sold for 40% or more over list price.
Sales were low at just 22 sales in the 1st quarter compared to 40 in the 4th quarter of 2021 and 51 in the 3rd quarter.
Price per square foot in the 1st quarter was $1,994, a significant 24% higher than last year.