Month-over-Month ChangesIn April 2024, the Los Altos real estate market presented some shifts compared to March 2024:

  • Homes Sold: 26 homes were sold in April, which is an increase of 24% from 21 sales in March.
  • Median Sale Price: There was a decrease in the median sale price by 7%, dropping from $4,350,000 in March to $4,050,000 in April.
  • Days on Market (DOM): The average days on market rose to 9 days in April, up from 8 days in March.
  • Percentage of List Price Received: Sellers received 105% of their asking price in April, a slight decrease from 107% in March.

Analysis

The month-over-month data reveals a mixed market dynamic. The increase in the number of homes sold suggests a growing buyer interest or perhaps more listings coming to market. However, the decrease in the median sale price could indicate a slight cooling, where pricing adjustments are being made to attract buyers. The consistency in receiving above the asking price still indicates a competitive market environment.

Year-over-Year ComparisonComparing April 2024 to April 2023, we observe the following changes:

  • Homes Sold: Increased significantly by 86%, from 14 homes sold in April 2023 to 26 in April 2024.
  • Median Sale Price: Slightly increased from $4.00M in April 2023 to $4.05M in April 2024.
  • Days on Market: Increased slightly from 7 days in April 2023 to 9 days in April 2024.
  • Percentage of List Price Received: Improved from 103% in April 2023 to 105% in April 2024.
  • Months of Inventory: Decreased considerably from 1.6 months in April 2023 to 1.0 month in April 2024.
  • Average Dollar per Square Foot: Saw an increase from $1,681 in April 2023 to $1,876 in April 2024.

Analysis

The year-over-year metrics indicate a robust growth in sales volume and a stable increase in sale prices, suggesting strengthening market conditions. The higher percentage of list price received and the reduced inventory levels highlight a market that favors sellers, with high competition among buyers driving up the prices.

Price Points and Quadrants

April 2024 sales breakdown by quadrants showed varied activity across different market segments:

  • Top Quadrant: Median Sale Price: $5,420,000, Median DOM: 7 days, Avg. $/Sq.Ft.: $1,867.
  • Second Quadrant: Median Sale Price: $4,160,000, Median DOM: 9 days, Avg. $/Sq.Ft.: $1,938.
  • Third Quadrant: Median Sale Price: $3,918,850, Median DOM: 6 days, Avg. $/Sq.Ft.: $1,746.
  • Bottom Quadrant: Median Sale Price: $3,275,000, Median DOM: 9 days, Avg. $/Sq.Ft.: $1,641.

Analysis

The distribution of sales across quadrants shows a stronger performance in the higher price points, indicating a continuing demand for premium properties. The relatively lower days on market in the top and third quadrants suggest that high-end homes are moving faster, which could be due to limited availability or specific buyer preferences in these segments.

Conclusion

The Los Altos market in April 2024 showed strong year-over-year growth in sales and slight improvements in sale prices and market efficiency. The detailed quadrant data provides valuable insights for both buyers and sellers, particularly noting that higher-priced homes are experiencing swift turnover, reflecting their robust demand.

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