Month-over-Month Changes

In December 2023, the Los Altos real estate market experienced notable shifts compared to November 2023:

  • Homes Sold: There was a significant decrease, with only 7 homes sold in December 2023, down 61% from 18 sales in November 2023.
  • Median Sale Price: There was a 4% increase, rising from $4,225,000 in November 2023 to $4,380,000 in December 2023.
  • Days on Market (DOM): The DOM increased to 13 days in December 2023, up from 8 days in November 2023.
  • Percentage of List Price Received: Sellers received 101% of their asking price in December 2023, a slight decrease from 104% in November 2023.

 

Analysis:

The Los Altos market in December 2023 showed a cooling trend with a significant drop in the number of homes sold and an increase in DOM. However, the increase in median sale price and the percentage of list price received above 100% indicate a still robust market.

Year-over-Year Comparison

Comparing December 2023 to December 2022, the Los Altos market showed these changes:

  • Homes Sold: Decreased by 36%, from 11 homes in December 2022 to 7 in December 2023.
  • Homes Listed: Decreased from 6 in December 2022 to 4 in December 2023.
  • Median Sale Price: Increased significantly from $3.70M in December 2022 to $4.38M in December 2023.
  • Median Days on Market: Increased from 19 days in December 2022 to 13 days in December 2023.
  • Percentage of List Price Received: Improved from 98% in December 2022 to 101% in December 2023.
  • Months of Inventory: Decreased dramatically from 0.6 in December 2022 to 0.2 in December 2023.

Analysis:

Year-over-year, the Los Altos market has seen a decrease in the number of homes sold and listed, but a significant increase in sale prices. The decrease in months of inventory and the increase in the percentage of list price received suggest a competitive market, favoring sellers.

Price Points and Quadrants

The sales details for December 2023 in Los Altos were as follows:

  • Top Quadrant: 2 homes sold, Median Sale Price: $5,235,000, Median DOM: 23, Avg. $/Sq.Ft.: $1,358.
  • Second Quadrant: 2 homes sold, Median Sale Price: $4,540,000, Median DOM: 53, Avg. $/Sq.Ft.: $1,472.
  • Third Quadrant: 2 homes sold, Median Sale Price: $3,852,500, Median DOM: 6, Avg. $/Sq.Ft.: $2,081.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $3,400,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,511.

Analysis:

The data indicates that while the top and second quadrants saw fewer sales, the homes in these quadrants commanded higher prices and larger square footage values. The third quadrant showed a quicker turnover, suggesting a higher demand in this price range.

Conclusion

The Los Altos market in December 2023 demonstrated a decrease in the number of homes sold month-over-month and year-over-year. However, the increase in median sale prices and the percentage of list price received above 100% indicate a market that remains favorable for sellers. The quadrant data provides insights into the varying dynamics across different price ranges, highlighting the competitiveness in the higher-priced segments.

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