Month-over-Month Changes

In November 2023, the Los Altos real estate market experienced several notable changes compared to October 2023:

  • Homes Sold: There was a 30% decrease in homes sold, down to 14 from 20 in the previous month.
  • Median Sale Price: The median sale price decreased by 6% from $4,358,500 in October 2023 to $4,080,000 in November 2023.
  • Days on Market (DOM): The DOM remained steady at 7 days, unchanged from October 2023.
  • Percentage of List Price Received: Sellers received an average of 104% of their asking price, indicating a continued strong seller’s market.

Analysis

The month-over-month data suggests a cooling in the market, with fewer homes sold and a slight decrease in median sale prices. However, the stable DOM and high percentage of list price received indicate that the market remains favorable for sellers.

Year-over-Year Comparison

Comparing November 2023 to November 2022, the Los Altos market showed the following year-over-year changes:

  • Homes Sold: Decreased by 30%, from 20 in November 2022 to 14 in November 2023.
  • Median Sale Price: Increased from $3.81M in November 2022 to $4.08M in November 2023.
  • Days on Market: Decreased significantly from 16 days in November 2022 to 7 days in November 2023.
  • Percentage of List Price Received: Increased from 98% in November 2022 to 104% in November 2023.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold but an increase in sale prices and a faster sales cycle. This trend suggests a competitive market with strong demand and limited inventory.

Price Points and Quadrants

The sales details for November 2023 were broken down by quadrants:

  • Top Quadrant: 4 homes sold, Median Sale Price: $6,930,000, Median DOM: 5, Avg. $/Sq.Ft.: $1,867.
  • Second Quadrant: 4 homes sold, Median Sale Price: $4,575,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,669.
  • Third Quadrant: 3 homes sold, Median Sale Price: $3,560,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,802.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $1,600,000, Median DOM: 0, Avg. $/Sq.Ft.: $1,739.

Analysis

The data shows that the top and second quadrants are leading the market, with higher-priced homes selling at a faster rate. This indicates a strong demand for luxury properties in Los Altos.

Conclusion

The Los Altos market in November 2023 demonstrated a decrease in the number of homes sold month-over-month, but an increase in median sale prices year-over-year. The market remains strong for sellers, with properties selling quickly and often above asking price. The quadrant data highlights a robust market for high-end properties, reflecting the area’s desirability among affluent buyers.

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