Bay Area REBlog

Traditionally November and December are slow months for selling homes and many times families decide not to move during the holidays. This plus the economy affected even the affluent Los Altos market as seen below.

Median price for Los Altos 2008                                    $ 1,797,500

Median price for Los Altos 4^th quarter 2008                   $ 1,605,000

                                                     % change                     – 11%

Seems as though the  buyers were in a great bargaining position and were able to negotiate a better deal in the fourth quarter ( or was it that there were fewer mulitple offers raising prices above the original list price). In either case, the numbers show us more flexibility.

List price vs sales price 2008                                            99.3%

List price vs sales price 4^th quarter                                   97.85%

Numbers are important here. Realize there were only 6 homes that sold in the 4th quarter in Los Altos Hills

(I was one of those lucky agents)

Median price Los Altos Hills 2008                                   $ 2,420,000

Median price Los Altos Hills 4^th quarter 2008                  $ 1,796,166

                                                         % change                     – 27%

There were 39 homes that sold in the 4th quarter in Los Altos and there seemd to be more seller flexibility in the price as indicated here.

List price vs sales price 2008  Los Altos                                          95.06%

List price vs sales price  4^th quarter Los Altos Hills                         93.81%

Total closed sales LA & LAH by quarter   2008 

                                                  1^st – 66        2^nd – 137     3^rd – 95      4^th – 47

Total closed sales LA & LAH by quarter   2007

                                                  1^st – 96        2^nd – 172      3^rd – 104     4^th – 100

Change from 2007 to 2008

                                                    - 31%            - 21%         - 9%           – 53%

 The good news is that the 4^th quarter is over

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