Month-over-Month Changes

In March 2024, the Los Altos real estate market experienced several notable adjustments from February 2024:

  • Homes Sold: Increased by 43%, from 14 sales in February to 20 in March.
  • Median Sale Price: Slightly decreased by 1%, from $4,326,000 in February to $4,276,613 in March.
  • Days on Market (DOM): Increased slightly from 7 days in February to 8 days in March.
  • Percentage of List Price Received: Improved, with sellers receiving 107% of their asking price, up from 106% in February.

Analysis

The month-over-month changes reflect a market that is becoming more active with a significant increase in sales volume, despite a slight decrease in median sale prices. The increased DOM indicates that while properties are moving quickly, buyers may be taking slightly more time to commit.

Year-over-Year Comparison

Comparing March 2024 with March 2023, the market shows the following trends:

  • Homes Sold: Slightly increased by 5%, from 19 homes in March 2023 to 20 in March 2024.
  • Median Sale Price: Rose from $4.00M in March 2023 to $4.28M in March 2024.
  • Days on Market: Decreased from 11 days in March 2023 to 8 days in March 2024.
  • Percentage of List Price Received: Increased from 101% in March 2023 to 107% in March 2024.
  • Months of Inventory: Decreased from 1.5 months in March 2023 to 1.1 months in March 2024, indicating a tighter market.

Analysis

Year-over-year data suggests a strengthening market in Los Altos with improvements across several key indicators including a rise in sale prices and faster sales cycles. The increase in the percentage of list price received indicates a market favorable to sellers, with buyers willing to pay above the asking price.

Price Points and Quadrants

The distribution of sales across different price quadrants in March 2024 was as follows:

  • Top Quadrant: Median Sale Price: $6,157,000; Median DOM: 10; Avg. $/Sq.Ft.: $1,719.
  • Second Quadrant: Median Sale Price: $4,800,000; Median DOM: 7; Avg. $/Sq.Ft.: $1,822.
  • Third Quadrant: Median Sale Price: $3,950,000; Median DOM: 10; Avg. $/Sq.Ft.: $1,765.
  • Bottom Quadrant: Median Sale Price: $3,493,000; Median DOM: 8; Avg. $/Sq.Ft.: $2,171.

Analysis

The quadrant analysis reveals that higher-priced properties are moving relatively quickly with competitive price per square foot values, particularly in the top quadrants. This distribution suggests a healthy demand across various market segments, with premium properties experiencing particularly strong interest.

Conclusion

The Los Altos real estate market in March 2024 displayed a robust increase in activity compared to the previous month and showed positive signs year-over-year. The market conditions suggest that Los Altos remains a competitive and desirable area, with buyers willing to pay premium prices for properties. The detailed analysis of price quadrants provides valuable insights for potential buyers and sellers aiming to make informed decisions in this dynamic market.

Data provided by MLS Listings and is deemed reliable but not guaranteed.