Month-over-Month Changes

In February 2024, the Los Altos real estate market showed notable changes from January 2024:

  • Homes Sold: 13 homes were sold in February 2024, representing a significant 117% increase from the 6 sales in January 2024.
  • Median Sale Price: There was a 3% increase in the median sale price, from $4,099,000 in January 2024 to $4,202,000 in February 2024.
  • Days on Market (DOM): The days on market dropped to 7 in February 2024 from 10 in January 2024, indicating a faster selling process.
  • Percentage of List Price Received: On average, sellers received 105% of their asking price in February 2024, up from 102% in January 2024.

Analysis

The month-over-month data reflects a dynamic Los Altos market, with a sharp rise in homes sold and a slight increase in median sale prices. The decrease in DOM and increase in the percentage of list price received highlight a strong seller’s market, with high demand and competitive buying conditions.

Year-over-Year Comparison

Comparing February 2024 to February 2023 reveals:

  • Homes Sold: Increased by 30%, from 10 in February 2023 to 13 in February 2024.
  • Median Sale Price: Decreased from $4.85M in February 2023 to $4.20M in February 2024.
  • Days on Market (DOM): Remained constant at 7 days.
  • Percentage of List Price Received: Increased significantly from 96% in February 2023 to 105% in February 2024.
  • Months of Inventory: Rose from 1.3 in February 2023 to 2.2 in February 2024, suggesting more available listings.

Analysis

The year-over-year data shows a robust increase in the number of homes sold, despite a drop in the median sale price. The stable DOM and higher percentage of list price received indicate continued strong market conditions favoring sellers. The increase in inventory may offer more options for buyers, potentially balancing the market dynamics.

Price Points and Quadrants

The quadrant breakdown for February 2024 reveals:

  • Top Quadrant: 4 homes sold, Median Sale Price: $5,130,000, Median DOM: 17, Avg. $/Sq.Ft.: $1,449.
  • Second Quadrant: 3 homes sold, Median Sale Price: $4,450,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,854.
  • Third Quadrant: 3 homes sold, Median Sale Price: $3,801,000, Median DOM: 7, Avg. $/Sq.Ft.: $2,671.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $3,000,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,788.

Analysis

The distribution across quadrants shows a healthy activity level in all market segments, with the top and second quadrants leading in median sale prices and average dollar per square foot. This suggests that while higher-priced homes are moving well, there is also a solid market for more moderately priced homes.

Conclusion

The Los Altos real estate market in February 2024 demonstrated vigorous activity, with increases in homes sold month-over-month and year-over-year. The market dynamics favor sellers, as indicated by the reduced DOM and high percentage of list price received. The quadrant data offers insights into the competitive nature of the market across different price points, with movement observed at all levels.

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