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LOS ALTOS HILLS SINGLE-FAMILY HOMES

PRICE
Prices, once again, reached dramatic record highs in the 1st half. The average price of $6,620,935 was 17% more than in 2021; the median price of $5,815,000 was 16% higher.

There were 4 homes sold between $11 million and $19 million and no homes sold for less than $3.1 million. There were 30 sales out of 44, or 68%, that sold for more than list price and by as much as 67% more. Last year, 55% of homes sold over list price.

The price per square foot in the 1st half was $1,769 – a 24% increase from just last year when it was $1,427.

NUMBER OF SALES
There were only 13 sales in the 1st quarter and then 31 sales in the 2nd quarter reported through the Multiple Listing Service. 44 sales in the 1st half compares to 67 in the last half of 2021, a precipitous decline directly related to the few number of new listings and not because of low demand.

LENGTH OF TIME TO SELL
With demand like we saw in the 1st half, it’s no surprise that most homes sold very quickly – in fact, the median days on market is the lowest number in records dating back to 2005. Only 9 homes took longer than 15 days to sell, 6 of which were on the market for more than 3 months and for as long as almost one year.

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2022 HALF YEAR REPORT - SINGLE-FAMILY HOMES