Month-over-Month Changes

In May 2024, the Los Altos real estate market exhibited significant activity compared to April 2024:

  • Homes Sold: There was a substantial increase in sales, with 31 homes sold, representing a 19% rise from 26 homes sold in April 2024.
  • Median Sale Price: The median sale price increased by 9%, moving from $4,050,000 in April 2024 to $4,406,000 in May 2024.
  • Median Days on Market (DOM): The median DOM rose from 9 days in April 2024 to 10 days in May 2024, indicating a slight slowdown in the speed at which homes are selling.
  • Percentage of List Price Received: Sellers received 106% of their asking price on average in May 2024, a slight increase from 105% in April 2024.
  • Months of Inventory: The months of inventory decreased from 1.4 months in April to 1.2 months in May, suggesting a tighter market with fewer homes available for sale relative to demand.
  • Average Dollar per Square Foot: There was an increase of 5%, from $1,741 per square foot in April to $1,821 in May 2024.

Analysis

The month-over-month data indicates a robust market with an upward trend in both home prices and sales volume. The increase in median sale price and slight rise in DOM suggest that while homes are selling quickly, sellers are also commanding higher prices. The decrease in inventory levels reinforces the notion of a competitive market, which is advantageous for sellers.

Year-over-Year Comparison

When comparing May 2024 to May 2023, the following changes were observed:

  • Homes Sold: There was a 19% increase in homes sold, from 26 in May 2023 to 31 in May 2024.
  • Median Sale Price: The median sale price rose from $4,020,000 in May 2023 to $4,410,000 in May 2024, marking a 9.7% increase.
  • Median Days on Market (DOM): The DOM increased slightly from 8 days in May 2023 to 10 days in May 2024, indicating a marginally slower market.
  • Percentage of List Price Received: The percentage of list price received went up from 103% in May 2023 to 106% in May 2024, showing a stronger seller’s market.
  • Months of Inventory: Inventory levels decreased from 1.4 months in May 2023 to 1.2 months in May 2024, indicating tighter market conditions.
  • Average Dollar per Square Foot: The price per square foot increased by 4.6%, from $1,741 in May 2023 to $1,821 in May 2024.

Analysis

The year-over-year comparison highlights a steady appreciation in home values, with a notable increase in the median sale price and the price per square foot. The slight rise in DOM suggests that while homes are taking a bit longer to sell compared to last year, sellers are still achieving strong prices. The decrease in inventory underscores a sustained demand that is driving up prices and favoring sellers.

Price Points and Quadrants

In May 2024, the Los Altos market data was broken down by quadrants, highlighting activity at various price points:

  • Top Quadrant: 8 homes sold with a median sale price of $5,962,500 and a median DOM of 8 days. The average price per square foot was $1,950.
  • Second Quadrant: 8 homes sold with a median sale price of $4,650,000 and a median DOM of 8 days. The average price per square foot was $1,771.
  • Third Quadrant: 7 homes sold with a median sale price of $4,125,000 and a median DOM of 9 days. The average price per square foot was $1,729.
  • Bottom Quadrant: 8 homes sold with a median sale price of $3,150,000 and a median DOM of 21 days. The average price per square foot was $1,381.

Analysis

The data indicates strong activity across all price points, with the top and second quadrants seeing particularly brisk sales. The higher-priced homes are moving faster, reflected in the lower DOM for these quadrants. This suggests a high demand for premium properties, potentially driven by buyers looking for luxury homes or investment properties. The substantial activity in the lower quadrants also shows a healthy demand for more affordable options, indicating a balanced market with opportunities for both buyers and sellers.

Conclusion

The Los Altos real estate market in May 2024 has shown positive momentum with increases in home sales, median sale prices, and average price per square foot. The market remains competitive, with low inventory levels driving demand and enabling sellers to achieve favorable sale conditions. The breakdown by price points reveals that higher-priced homes are particularly in demand, suggesting a strong market for sellers in these ranges.

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