Month-over-Month Changes

The Los Altos real estate market experienced several notable changes in January 2024 compared to December 2023. Here’s a detailed breakdown:

  • Homes Sold: There was a decrease in the number of homes sold, from 7 in December 2023 to 6 in January 2024, marking a 14% drop. This decline could indicate a slight cooling in the market or seasonal adjustments.
  • Median Sale Price: The median sale price saw a decrease of 6%, from $4,380,000 in December 2023 to $4,099,000 in January 2024. This change suggests a potential adjustment in market dynamics or buyer preferences.
  • Days on Market (DOM): The DOM decreased to 10 days in January 2024 from 13 days in December 2023, indicating that homes were selling slightly faster.
  • Percentage of List Price Received: Sellers received an average of 102% of their asking price in January 2024, up from 101% in December 2023, showing that despite the decrease in sales, the market remains competitive.

Analysis

The month-over-month data indicates a mixed signal in the market. The decrease in homes sold and median sale price suggests a potential shift towards a buyer’s market. However, the increase in the percentage of list price received and a decrease in DOM highlight continued competition among buyers.

Year-over-Year Comparison

Comparing January 2024 to January 2023, the Los Altos market has seen significant changes:

  • Homes Sold: Decreased by 33%, from 9 in January 2023 to 6 in January 2024.
  • Median Sale Price: Increased significantly by 18%, from $3.47M in January 2023 to $4.10M in January 2024.
  • Days on Market: Saw a dramatic decrease from 39 days in January 2023 to 10 days in January 2024.
  • Percentage of List Price Received: Improved from 97% in January 2023 to 102% in January 2024.
  • Months of Inventory: Decreased slightly from 1.2 in January 2023 to 1.0 in January 2024.

Analysis

Year-over-year, the Los Altos market demonstrates a strong seller’s advantage, with significant increases in median sale prices and a substantial decrease in DOM. The improvement in the percentage of list price received and a slight reduction in months of inventory further indicate a competitive market with high demand and limited supply.

Price Points and Quadrants

The January 2024 sales data by quadrants in Los Altos reveals:

  • Top Quadrant: 2 homes sold, Median Sale Price: $5,085,000, Median DOM: 27, Avg. $/Sq.Ft.: $1,829.
  • Second Quadrant: 2 homes sold, Median Sale Price: $4,099,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,809.
  • Third Quadrant: 1 home sold, Median Sale Price: $3,080,000, Median DOM: 11, Avg. $/Sq.Ft.: $2,060.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $2,460,000, Median DOM: 0, Avg. $/Sq.Ft.: $1,270.

Analysis

The distribution of sales across different price quadrants shows a balanced market activity, with homes in the top and second quadrants moving at a steady pace. The high average dollar per square foot in the third quadrant suggests a premium on well-located or well-appointed properties, even in lower price bands.

Conclusion

In January 2024, the Los Altos real estate market showed a decrease in the number of homes sold month-over-month but an increase in median sale prices year-over-year. The market dynamics indicate a strong seller’s market, with properties selling faster and at higher prices compared to the previous year. The quadrant data provides insights into which segments of the market are most active, highlighting the continued demand for high-value properties.

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