What's Happening in the Los Altos Real Estate Market this Summer?
At the end of each month we do a quick search of all the sold properties in the Los Altos area to see exactly what is happening in the local market.
This month there were a total of 13 properties sold. What stood out on the chart was the number of down arrows, indicating the sold price was below the list price. The few up arrows were due to a price increases of $1,000 or less. For instance, 1925 Montair sold for an even $500,000 but the list price was $499,000.
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Sold Properties in Los Altos July 2015
This indicates sellers are being aggressive in their pricing, but are not getting their list price. This scenario is common immediately after a hot spring market. We traditional see our most active selling period in the spring which drives up the prices. By the end of summer there is a tad of slow down in the number of active buyers, but the sellers are still convinced that multiply offers are the norm.
With that being said, we are still in a terrific real estate market for both buying and selling. The interest rates are holding steady in the low 4% range making mortgages affordable. As for sellers the prices are some of the highest we have seen since 2007.
The graph below are the basic market statistics of the 13 sold properties. Average sale price is $614,000 for a 1,500 square foot home, putting the average price per square foot at $403. Of course you can't always use the price per square foot to calculate your home's market value, but it a good rule of thumb.
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Los Altos Market Statistics July 2015
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