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LOS ALTOS HILLS SINGLE-FAMILY HOMES

PRICE
Once again, prices reached record highs in the 1st quarter! Both the average and median exceeded $5.6 million. The median price, at $5,630,900, was a significant 13% higher than it was last year when it was just $5 million. It is 34% higher than it was pre-pandemic in 2019.

All of the homes sold were between $3.1 million and $8.96 million. Only 4 homes sold for less than $5.2 million. There were 9 sales out of 13, or 69%, that sold for more than list price and by as much as 37% more. Last year, 55% of homes sold over list price.

The price per square foot in the 1st quarter was $1,619 – a 14% increase from just last year when it was $1,427.

NUMBER OF SALES
There were just 13 sales reported through the Multiple Listing Service in the 1st quarter. This compares to 26 in the 4th quarter of 2021 and 41 sales in the 3rd quarter. The precipitous decline in sales is directly related to the few number of new listings and definitely not because of low demand.

LENGTH OF TIME TO SELL
With demand like we saw in the 1st quarter, it’s no surprise that most homes sold very quickly. Only 4 homes took longer than 15 days to sell. It is interesting to note that 3 of these homes had been on the market for 3 to 5 months and finally sold (2 under list and one over list price).

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2022 Q1 REPORT - SINGLE-FAMILY HOMES