July 2012 Market Snapshot – 15 Year High in Los Altos Hills

 Summer Sizzles in the Hills

While the number of homes for sale in Los Altos Hills was up by 30% from a year ago, sales were up by 50%!  In fact, there were more sales (16) in July than in any other month of July in over 15 years.

Here are some more highlights:

  • The percentage of list price received by sellers in Los Altos Hills was the highest since 2006.
  • July median sales prices in Palo Alto and Los Altos were near the previous highs of July 2008.
  • The number of homes for sale in July was down in Palo Alto, Los Altos, and Menlo Park – typical when consumer confidence is high locally (note previous low periods of 2007 and 2000). The average home sale price was above asking price in these three areas.

Since jobs are plentiful in our area and interest rates are at historic lows, we expect the strong “seller’s market” to continue until there is some economic shock causing consumer confidence to fall.

In the charts below, you’ll find 15 years of data for market activity and median sales price inJuly  in Palo Alto, Los Alto, Los Altos Hills and Menlo Park. You can’t find this level of historical data all in one place anywhere else, so if you have any questions or wish to get more info about your community, don’t hesitate to contact us.

Source: MLSListings.com