Where Have All the Los Altos Homes for Sale Gone?
There were 34 homes for sale in all of Los Altos as of Monday 1/4/10. At one time during 2009 there were over 140!
Is this the start of an unusual new trend or just the seasonal time of the year?
At the beginning of 2009 there were 50 homes for sale in Los Altos so the inventory is lower this January. However, the 10 year average of year ending inventory is about 25-30 homes. In “hot market” years, year-end inventory is lower than 25-30, and in “slow market” years it is higher. Conclusion- no indication of a new trend.
So What is Our Forecast for 2010?
The last 3 years have seen a below normal number new listings (@400-430 versus @500-550 in earlier years)come to market. Therefore, we expect this year to be at or above the normal range.
If you are selling a home in Los Altos we recommend you do it sooner than later this year. If you are buying a home in Los Altos and are not worried about higher interest rates (see our blog entry…) it may pay to wait until the market better favors buyers.
The real estate “market” is all about supply and demand. We will update you on the demand side of the equation shortly.
Do you have thoughts about the local market or real estate in general? Please leave your comments!