Los Altos Continues To Thrive

Posted on November 21, 2009 by  
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Sales are upIt has been another great month in the Los Altos Real Estate market. Last month I commented that in September alone, there were 38% more homes sold this year, than last. Well, the trend continues. In October, Los Altos realized a 39% increase of more homes sold this year, than last.

Of course, one could postulate that the economic uncertainty created a slow market in the fall of 2008. However, it is important to note that there was a decrease of only 14%, year-over-year, in total homes sold in Los Altos, from October 2007 to October 2008. Basically, the local market remained viable, albeit somewhat unsettled.

Today, there are still roughly 85 homes available to buy in all of Los Altos. But remember, there are over 10,700 total homes in the city. So, available inventory remains tight.

Separately, an interesting dynamic is occurring in this tight market: the length of time a home is staying on the market unsold. The average days of all homes currently on market for sale in Los Altos is just over 150 days. That’s 5+ months.

What’s creating this disparity? The key drivers really come down to four factors: 1) realistic pricing of the property; 2) positioning/visibility of the home in today’s market; 3) seller motivation; and 4) effective utilization of available marketing tools to reach today’s buyer.

As a case in point, our current listing at 269 Langton Avenue sold in just 14 days. That’s in stark contrast to the average days on market for those other homes in Los Altos. We put together an effective plan, executed on that plan in partnership with the homeowner, and developed an outreach campaign to attract the maximum number of agents and interested buyers.

Helping you with your homeFor Langton, we had over 300 Real Estate Agents stop by the home on Broker Tour, just two Friday’s ago. This was one of the highest turnouts achieved for the tour that day. Buyer traffic through the property was consistent from the time we hit the market. Just over 200 potential buyers visited the property through open house. Additionally, an average of 2 private showings occurred each day once the home was available.

So, the market is strong, but inventory is low. There are a number of buyers looking to move into Los Altos, but they are strategically examining the available options. With a strong real estate team in place, a seller or buyer could have a tactical advantage, if they utilize the right tools for today’s market.

If you are looking to move into Los Altos, or simply move across town, we are confident that we can help you. Call us today at 650-823-1434. We would love the opportunity to earn your business.



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