- Inventory increases
- Sales double
- Days on market down
- Prices up
March was a good month for the Los Alto Hills real estate market, with more buyers and sellers getting past some of the uncertainty hanging over the high end of the market. Inventory increased 28%, while pending sales more than doubled. Homes were on the market an average of only 27 days and all price indicators moved higher during the month. The low end of the market had the majority of sales, while the biggest share of inventory was in the middle of the market.
The median sales price was $3,780,000, up 16% from $3,250,000 in February and 5% from $3,600,000 a year ago. After two months below $1,000, the price per square foot moved higher to $1,102 in March. That was an increase of $148 from February and $41 from March 2015. On average, properties sold for 103% of their list price in March, the first time in four months that the average sales price was higher than the average list price. The ratio was 96% in February and 106% a year ago. The usual caveats apply here relative to the low sales numbers and the volatility that creates month to month.
Closed sales rose for the second straight month, from four in February to six in March. Nine sales closed in March 2015.
Inventory increased for the second straight month as well. 46 properties were actively listed at the end of March, a 27% increase from February’s 36. Inventory was also 53% higher than a year ago, when only 30 homes were on the market. Pending sales more than doubled, from four in February to nine in March. Eight sales went to contract during March 2015. The big increase in sales decreased the supply relative to pending sales from nine months at the end of February to 4.2 months at the end of March.
Homes were on the market an average of 27 days in March, a big drop from 77 days in February and 41 days a year earlier.
Analysis by Price Range
Both inventory and sales of homes priced under $3.5 million increased in March. Inventory increased form two at the end of February to five at the end of March. Pending sales did the same (two to five, respectively). That meant the supply was unchanged at one month. While only 11% of Los Alto Hills’ inventory was in this segment, 56% of pending sales were priced below $3.5 million.
24 homes priced from $3.5 million to $4,999,999 were on the market at the end of March, seven more than at the end of February. Those 24 homes made up 52% of all inventory here. Three sales (one third of the total) went to contract in this price range during March, up from one in February. An eight month supply was on the market at the end of March, down from 17 months at the end of February.
There was no change in the market for homes priced at $5 million or more. Only one sale went to contact during March, while 17 homes were actively listed at the end of the month. Both statistics were the same as for February. This segment accounted for 37% of Los Alto Hills’ inventory but only 11% of its pending sales.