- There are currently 42 properties on the market in the MLS system for area 34 Los Altos. Almost half (20) have come on the market in the past 30 days. 14 are distressed properties,meaning either bank owned or short sale, which is 1/3 of the total on the market.
- Stats for these 42 listing show an average size of 3 bedrooms, 2 baths, 1,616 sq. ft, Days on Market 77 and average list price of $506,133.
- Within the last 30 days a total of 18 properties sold, with 5 being in the distress category.
- Stats for these 18 properties show an average size of 3 bedroom, 1.94 baths, 1,458 sq. ft. and a sold price of $434,350. Average Days on Market were 67.
- The “market time” (months it would take to sell all inventory at current pace of new escrows) is 2 1/2 months. It was 1 3/4 months this time period a year ago.
The positive to this story is the low market time. A clear seller’s market is defined as anything less than 3 months and a clear buyer’s market is anything more than 6 months. It is a good market for both buyers and sellers! For first-time buyers the interest rates are still at historic lows and FHA financing is available. This is a perfect time for move-up buyers too; you may not be getting the same price for your home as 4 years ago, but you can move into your dream home for a perfect price and interest rate. Of course we still have a segment of the population stuck with large mortgages but as you can see, they are selling at the same percentage as the listings, therefore they do not seem to be hurting our market.
Any questions, contact Michele K at MicheleK90815@gmail.com or call 562-243-2171.
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