Los Altos Hills Home Values & Market Update
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Updated April 23, 2018

Market Snapshot – Los Altos Hills (Recent Sales here)

Los Altos Hills home values have cooled somewhat this past year, though January and February have seen the median price jump up above $5 million. Los Altos hills is prone to spikes like these due to the low number of homes sold, but it’s worth keeping an eye on.  Although the overall trend in the Bay Area is that values have continued to rise, we are starting to see a softening in the higher priced markets including Los Altos Hills, Hillsborough and Burlingame.

The current Bay Area real estate market hinges on an extremely low supply of homes. This low inventory, combined with strong demand among home buyers, is largely responsible for the continued appreciation across most price points and markets. According to Trulia’s Chief Economist Ralph McLaughlin, this isn’t a bubble as we’ve seen in previous up cycles, but the result of basic economic forces of (lack of) supply and (strong) demand. Multiple forces are keeping home inventory low. There aren’t enough new homes being built to meet increasing demand. Additionally, current California property tax code provides a strong financial incentive for long-term homeowners to stay in their existing homes. McLaughlin also notes that the new congressional tax plan with its lower cap on the mortgage interest deduction may act to further limit supply. Under the new law, the cap on the mortgage interest deduction is reduced from $1 million to $750,000. Existing homeowners are grandfathered in at the $1 million level, giving them even more incentive to stay put.

Finally, the Fed raised interest rates in March, which will likely impact mortgage rates. Higher mortgage rates reduce buying power. Between reduced buying power and increasing prices, time is not on the side of buyers right now. Those who are ‘waiting it out’ may be waiting a long time.

Here are the numbers through March 2018. If you are curious about your Los Altos Hills home value, you can receive a free online estimate, or request a custom evaluation which we are happy to give to you at no cost, without the hard sales pitch.

 

Mar-18 % Change Year Over Year Rolling 3 Month Average
Median Sales Price ($USD) $5,435,000 26.1%
Overbids (%) 102.90% 7.0%
New Listings (#) 15 -31.71%
Homes Sold (#) 4 -13.33%
Months of Inventory 4.8 -16.78%
Median Days on Market (DOM) 41 -33.12%
Average Days on Market (DOM) 116 74.82%

Median Sales Price – Los Altos Hills SFR

Ratio of List Price to Sold Price (Overbids) – Los Altos Hills SFR

Number of New Listings vs Sold Listings, Los Altos Hills SFR

Months of Inventory – Los Altos Hills SFR

Median and Average Days on Market (DOM) – Los Altos Hills SFR

 

Los Altos Hills Single Family Home Closed Sales since 1/1/2018

Street Address Close Date Price/SqFt Sale Price RATIO Close Price By List Price DOM Beds Total Bths Sq Ft Total Lot Size
26896 Alejandro Drive 2/12/18 1,230.57 $2,850,000 1.14 7 3 2|0 2,316 42,000 Lot SqFt
26937 Almaden Court 1/29/18 1,363.07 $5,500,000 1.1 5 5 5|1 4,035 1.00 Acres
13505 Burke Road 2/9/18 1,870.50 $6,500,000 1.086 8 5 3|1 3,475 1.01 Acres
13531 Burke Road 3/27/18 1,282.35 $5,500,000 1 46 5 5|1 4,289 15,101 Lot SqFt
23460 Camino Hermoso Drive 4/12/18 1,015.98 $3,750,000 1.014 15 5 3|0 3,691 1.07 Acres
26898 Dezahara Way 2/28/18 1,718.87 $4,500,000 1.131 7 4 3|0 2,618 1.04 Acres
27830 Elena Road 4/6/18 1,218.73 $5,700,000 1.143 21 5 4|1 4,677 1.84 Acres
12030 Elsie Way 1/9/18 1,171.57 $9,000,000 0.948 55 6 6|2 7,682 1.13 Acres
11841 Francemont Drive 4/2/18 1,156.84 $5,495,000 1 23 5 4|2 4,750 1.24 Acres
25528 Hidden Springs Court 2/23/18 1,038.78 $6,000,000 0.923 221 4 4|2 5,776 1.15 Acres
12698 La Cresta Drive 3/29/18 1,022.28 $3,900,000 0.975 36 5 3|0 3,815 1.19 Acres
24990 La Loma Drive 2/22/18 1,328.54 $4,525,000 1.295 10 4 2|1 3,406 1.29 Acres
14329 Miranda Way 2/20/18 977.39 $8,300,000 0.934 169 7 8|2 8,492 43,124 Lot SqFt
24020 Oak Knoll Circle 4/11/18 1,213.86 $10,075,000 0.926 285 4 6|2 8,300 3.51 Acres
25005 Oneonta Drive 1/17/18 795.29 $2,700,000 0.904 111 4 3|0 3,395 30,488 Lot SqFt
26861 Purissima Road 4/16/18 889.26 $4,850,000 1.01 7 6 4|1 5,454 41,310 Lot SqFt
25900 Springhill Drive 4/4/18 1,140.37 $4,850,000 1.079 6 5 3|2 4,253 1.00 Acres
27466 Sunrise Farm Road 3/29/18 1,011.27 $7,000,000 0.875 370 6 7|0 6,922 1.31 Acres
26050 Torello Lane 3/16/18 1,375.51 $5,370,000 1.264 10 5 3|1 3,904 1.08 Acres
12874 Viscaino Road 4/18/18 792.62 $2,450,000 1 7 4 2|1 3,091 1.56 Acres