Month-over-Month Changes

The real estate market in Los Altos experienced some shifts in July 2023 compared to June 2023. Here’s a summary of the changes:

  • Homes Sold: 22 homes were sold, a 12% decrease from 25 sales the previous month.
  • Median Sale Price: There was a 7% increase, from $3,850,000 in June to $4,113,650 in July.
  • Days on Market (DOM): The DOM dropped to 7 from 8 in June.
  • Percentage of List Price Received: Sellers received 104% of their asking price, reflecting strong demand.

These changes suggest a market that remains competitive, with properties selling quickly and at higher prices.

Year-over-Year Comparison

Comparing July 2023 to July 2022, the following year-over-year changes were noted:

  • Homes Sold: Decreased by 35%, from 34 to 22.
  • Homes Listed: Decreased by 33%, from 30 to 20.
  • Median Sale Price: Increased by 10%, from $3.72M to $4.11M.
  • Average Dollar per Square Foot: Increased by 6%, from $1627 to $1723.
  • Median Days on Market: Decreased by 22%, from 9 to 7.
  • Months of Inventory: Decreased by 27%, from 1.1 to 0.8.

These statistics indicate a market with fewer listings and sales compared to the previous year but with higher prices and quicker sales.

Price Points and Quadrants

The July 2023 sales details were broken down by quadrants, revealing the following:

  • Top Quadrant: 6 homes sold, Median Sale Price: $5,424,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,605.
  • Second Quadrant: 6 homes sold, Median Sale Price: $4,185,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,603.
  • Third Quadrant: 5 homes sold, Median Sale Price: $3,909,750, Median DOM: 7, Avg. $/Sq.Ft.: $1,862.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $3,400,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,658.

These details provide insights into the segments of the market that are most active, with a fairly even distribution across the quadrants.

Conclusion

The Los Altos market in July 2023 showed a decrease in sales but an increase in prices compared to both the previous month and year. The breakdown by quadrants offers valuable insights for buyers and sellers, highlighting the competitive nature of the market.

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