Bay Area REBlog

I’ve just pulled statistics from the multiple listing service for single family home sales in Los Altos for the months of May, June and July in 2007 and 2008. Our inventory is higher than last year, but what’s interesting is that closed sales in May were very similar for the two years. By the time we get to comparing July, you’ll see that because there were a lot fewer sales – a 40% drop over the previous year – inventory for 2008 has shot up to 72 and continuous days on the market has increased from 36 days in ‘07 to 61 day in ‘08. The good news for sellers is that both the average and median sales prices for those 21 home sales has increased dramatically over the previous year – a whopping $300,000.

%LP Rec’d (percentage of list price to final price received) shows that houses are selling very close to list price as opposed to last year when we had multiple offers.  

Typically the real estate market in Los Altos slows down in August while families take their last vacation before the school year starts. It will be interesting to see how the numbers compare to last year.

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