Los Altos Real Estate

April 11, 2010 by · Leave a Comment
Filed under: California 
City of Los Altos
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An affluent community in the Silicon Valley region of northern California, the city of Los Altos is a mid-sized city near the southern end of the San Francisco Peninsula. The community has a high median household income, measured at more than $158,000 in 2007, and thus home prices are correspondingly higher than in many areas. The Los Altos real estate experienced troubled waters throughout much of 2008 and 2009 in the aftermath of the U.S. financial crisis.

Today, the market seems to be showing signs of improvement. According to statistics from the Santa Clara County Association of Realtors, n February, there were 38 new listings, putting the city’s total inventory at 72, down from 86 one year ago, a positive sign. There were 17 Los Altos homes for sale closed upon in February, a significant improvement year-over-year, as there were only six sales in February 2009. These homes spent an average of 55 days on the market before selling, up slightly from 50 one year ago. Sold homes received a median price of $1.64 million, which also showed improvement from a year ago, when the price was $1.48 million, an encouraging sign for those in the market.

The condo market in Los Altos showed some mixed signals. There were two new condo listings posted in February to bring the total inventory to 11, exactly half of what it was one year ago. The month accounted for three condo sales, an improvement on just one last year, after spending an average of 58 days on the market in 2010, compared with 61 days in 2009. The median price for a condo sold in Los Altos came out to $780,000, the one area where the trend is still sloping downward, as last year’s median price was $925,000.

The year 2009 saw 269 homes and 39 condos sell in Los Altos. The yearly average saw homes spend 65 days on the market, and condos, 79. The median price for homes sold in Los Altos in 2009 was $1.5 million, and the median condo price was $760,000. Homes received, on average, 95.4% of their asking prices, while condos received 94.9%.

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