Month-over-Month Changes

In September 2023, the Los Altos real estate market displayed the following changes compared to August 2023:

  • Homes Sold: 21 homes were sold, marking a 5% increase from 20 sales the previous month.
  • Median Sale Price: Decreased by 2% from $4,350,000 in August 2023 to $4,272,000 in September 2023.
  • Days on Market (DOM): Remained the same at 8 days.
  • Percentage of List Price Received: Sellers received 104% of their asking price, up from 101% in August 2023.

Analysis

The month-over-month data shows a slight uptick in the number of homes sold, while the median sale price experienced a minor dip. The stable DOM and increased percentage of list price received indicate a market that remains favorable for sellers.

Year-over-Year Comparison

Comparing September 2023 to September 2022, the following changes were observed:

  • Homes Sold: Decreased by 38%, from 34 to 21.
  • Homes Listed: Decreased by 55%, from 51 to 23.
  • Median Sale Price: Increased from $4.08M to $4.27M.
  • Median Days on Market: Decreased from 11 to 8.
  • Percentage of List Price Received: Increased from 99% to 104%.
  • Months of Inventory: Decreased from 1.4 to 0.6.

Analysis

Year-over-year, the market has seen a significant decrease in the number of homes sold and listed. Despite this, the median sale price has increased, and homes are selling faster. This suggests a market with high demand but limited supply, favoring sellers.

Price Points and Quadrants

The sales details for September 2023 were broken down by quadrants:

  • Top Quadrant: 6 homes sold, Median Sale Price: $6,037,500, Median DOM: 53, Avg. $/Sq.Ft.: $1,734.
  • Second Quadrant: 5 homes sold, Median Sale Price: $4,410,000, Median DOM: 5, Avg. $/Sq.Ft.: $1,875.
  • Third Quadrant: 5 homes sold, Median Sale Price: $4,052,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,642.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $3,458,000, Median DOM: 13, Avg. $/Sq.Ft.: $1,748.

Analysis

The data indicates that all quadrants are active, with the top and second quadrants showing the most activity. This suggests that higher-priced homes are moving quickly, indicating a strong market for sellers in these price ranges.

Conclusion

The Los Altos market in September 2023 showed an increase in homes sold compared to the previous month but a significant decrease in homes listed year-over-year. The increase in median sale price year-over-year and the stable DOM indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

Data provided by MLSListings and is deemed reliable but not guaranteed.