- Inventory continues to climb
- Sales also keep increasing
- Price indicators fall
Buyers have more choices right now in Los Altos Hills and they are being more selective. There was a lot of activity in April, with many potential buyers looking at available inventory but they were not always making offers. Homes priced aggressively low saw multiple offers and sold quickly. Other homes, priced at or near where they “should be”, stayed on the market longer. Both sales and inventory increased in April but sales prices softened a little from March. The market remains dynamic and active but not as hot as we saw last year at this time.
April’s median sales price was $3,737,500, which was $42,500 lower than March’s $3,780,000. April’s median price was 5% higher than a year ago. The price per square foot slipped $99 to $1,003 in April. That was also $36 less than in April 2015. On average, homes sold for 102% of their list price in April, down from 103% in March and 107% a year ago.
16 sales closed in April, ten more than in March and the most here since July 2014. 12 sales closed in April 2015.
Inventory continued to increase in April, from 47 at the end of March to 53 at the end of April. April had 15 more homes actively listed at the end of the month than a year earlier. 15 sales went to contract in April, up from six in March and eight a year ago. Supply relative to pending sales was cut from 7.8 months at the end of March to 3.5 months at the end of April.
The average sale in April took 32 days, up from 27 days in March and 17 days in April 2015.
Analysis by Price Range
12 homes priced under $3.5 million were actively listed at the end of March, up from eight at the end of April. Pending sales increased from three in March to five in April. A 2.4 month supply was on the market at the end of April down a little from March’s 2.7 months. This segment accounted for 23% of Los Altos Hills’ inventory and a third of its pending sales.
The inventory of homes priced from $3.5 million to $4,999,999 fell by one unit to end April with 22. That was 42% of all inventory. Pending sales increase by five units, from three in March to eight in April, 53% of all pending sales in Los Altos Hills in April. This price range had supply cut to 2.75 months at the end of April, compared to 7.7 months at the end of March.
37% of Los Altos Hills’ inventory at the end of April and 13% of its pending sales during the month were priced at or above $5 million. 19 of these homes were available for sale at the end of April, three more than at the end of March. Two sales went to contract during April, two more than in March.