Sales (both pending and closed) increased in September with closed sales doubling from August. A little more inventory was available at the end of September than at the end of August and homes priced over $5 million made up half the supply. The average sale in September was for 100% of the asking price and other price indicators were little changed from August.
After staying between 93% and 98% the past four months, the ratio of the average sale price to the list price increased to 99.9% in September. It was the fifth consecutive month the ratio was below 100%. The last time that occurred was back in 2012. One year ago, the average sale was for 110% of the list price.
The median sales price was high again in September due to the high mix of upper end home sales that closed during the month. September’s median sales price was $4,525,750, slightly higher than August’s $4.5 million. The price per square foot was $1,137, down $22 from August’s $1,159 and $66 lower than a year ago.
INVENTORY AND SALES
Inventory has been between 37 and 42 units that past four months and September ended with 42. Sales have been a bit more volatile, with both pending and closed sales having bigger changes from month to month. 10 sales went to contract in September, up from eight in August and equal to the level of a year ago. Closed sales doubled, from seven in August to 14 in September, compared to 10 in September 2015. Supply relative to pending sales ticked lower, from 4.6 months at the end of August to 4.2 months at the end of September. There was a 4.5 month supply a year ago.
DAYS ON MARKET
Even though the length of time homes were on the market fell in September, in general, properties are taking longer to sell. The average time on the market in 2015 was 37 days and this year it is 59 days through September. September’s average sale was listed for 48 days, down from 66 in August.
Inventory and Pending Sales by Price Range
Under $3 Million
Five homes priced under $3 million, accounting for 12% of Los Altos Hills’ total were actively listed at the end of September, one more than at the end of August. Three sales went to contract in this segment, making up 30% of all sales here. Two sales went pending in August. A 1.7 month supply was available at the end of September, down from 2.0 months at the end of August.
$3.5 Million to $4,999,999
38% of inventory and 40% of pending sales were in the $3.5 million to $4,999,999 price range. Three sales went pending during September, the same as in August. Inventory increased from 13 at the end of August to 16 at the end of September. That increased supply from 4.3 months at the end of August to 5.3 months at the end of September.
$5 Million and Above
Pending sales of homes in the $5 million-plus segment remained high, increasing from three in August to four in September. 21 properties were actively listed at the end of September, one more than at the end of August. Supply relative to pending sales fell from 6.7 months at the end of August to 5.3 months at the end of September. This segment accounted for 50% of Los Altos Hills’ total inventory at the end of September and 40% of its pending sales during the month.
Check out these other Real Estate Market Conditions Reports for September 2016:
- Los Altos
- Los Altos Hills
- Los Gatos
- Menlo Park
- Mountain View
- Palo Alto
- Santa Cruz