Month-over-Month Changes

In August 2023, the Los Altos real estate market showed some changes compared to July 2023:

  • Homes Sold: 19 homes were sold, marking a 14% decrease from 22 sales the previous month.
  • Median Sale Price: Increased by 5% from $4,113,650 in July 2023 to $4,300,000 in August 2023.
  • Days on Market (DOM): Rose to 8 days from 7 days in July 2023.
  • Percentage of List Price Received: Sellers received 102% of their asking price, down from 104% in July 2023.

Analysis

The month-over-month data indicates a slight cooling in the market. The decrease in homes sold and the slight increase in DOM suggest that demand may be stabilizing. However, sellers are still receiving above their asking price, indicating a strong market.

Year-over-Year Comparison

Comparing August 2023 to August 2022, the following changes were noted:

  • Homes Sold: Decreased by 17%, from 23 to 19.
  • Homes Listed: Decreased by 26%, from 27 to 20.
  • Median Sale Price: Increased from $3.8M to $4.3M.
  • Median Days on Market: Decreased from 15 to 8.
  • Percentage of List Price Received: Increased from 100% to 102%.
  • Months of Inventory: Decreased from 0.9 to 0.6.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold and listed, but an increase in sale prices and a faster sales cycle. This suggests a seller’s market where inventory is tight, but demand is high enough to drive up prices.

Price Points and Quadrants

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

  • Top Quadrant: 5 homes sold, Median Sale Price: $5,150,000, Median DOM: 45, Avg. $/Sq.Ft.: $1,443.
  • Second Quadrant: 5 homes sold, Median Sale Price: $4,800,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,750.
  • Third Quadrant: 5 homes sold, Median Sale Price: $3,850,000, Median DOM: 13, Avg. $/Sq.Ft.: $1,673.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $2,875,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,516.

Analysis

The data shows that all quadrants are active, but the top and second quadrants are seeing 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 August 2023 showed a decrease in homes sold compared to the previous month, but a 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.