The mid-winter months traditionally are a time for the real estate market to slow down and take a little breather. Inventories tend to shrink, and in many cases asking prices of homes are a little more “moderate” than during other seasons. So what’s happening in Los Altos Hills?In December 2014, the median price on sold homes here was $5,060,062, up from $3,850,000 in November. That jump of $1,210,062 was the largest month-to-month median price increase in more than two years. It beat out the previous largest month-to-month increase in May-June 2014, where the price went from $3,005,000 to $4,200,000.
Keep in mind, though, this dollar-figure jump doesn’t exclusively mean that Los Altos Hills homes are getting more expensive. Specifically it means that in these two increase periods, buyers were targeting the more expensive homes.
In December 2014, a total of six homes were sold, and the median sold price of those homes was $5,060,062. Clearly buyers were after higher-end homes during this holiday month. A look at what’s currently on the market in mid-January 2015 paints a contrast.
Of the 13 homes on the Multiple Listing Service, five are available with list prices between $2,950,000 and $4,800,000. Were just those five to be bought this month, we’d see a median sold price of $3,875,000, which is more in keeping with recent “typical” median sold prices.
Conversely, the five most expensive homes currently listed range from $5,498,000 to $15,000,000. The sale of only these homes in January would produce a median sold price of $10,249,000 – nearly $3 million higher than all but one of the available homes.
It will be interesting to see during the first months of 2015 if the top-end homes continue to move off the market faster than those with lower price tags. Also interesting will be to watch how Los Altos Hills’ three top-priced properties - $15,000,000; $7,998,000; and $7,500,000 – fare in this seller’s market.