Los Altos home inventory increases, but demand remains strong

Active listings, new listings and closed sales from the last two months across Los Altos and greater Santa Clara County.

Graphic courtesy of Alex Wang

Editor’s Note: This article originally appeared in the Los Altos Town Crier

Spring is in full swing in the real estate market, with Los Altos seeing 26 active listings by the end of April, a 53% increase in inventory over March. This tracks closely with Santa Clara County as a whole also seeing more activity in April, up 57% over March.

So far the increase in available supply hasn’t dampened demand much as there just seem to be more buyers out there as we round the corner into summer. In Los Altos, with a median home price for April of $4,100,000, homes sold in about 11 days typically and for about 107% of the list price across a total of 27 home sales. The average number of days on market stayed the same (11) across March and April. Inventory increased month over month by 13% for Los Altos while the overall county saw a whopping 35% increase in the number of homes listed.

The number of closed sales of single-family homes in Los Altos was 21 in March and grew to 27 in April.

I’ve been out there hosting open houses, and I see buyers actively participating. However, there is a bit of hesitation as many eagerly await what the feds will do with interest rates. 

We are now heading toward the end of our spring season and the market remains a bit ambiguous as to whether the increase in inventory in April and into May presents enough pressure to change the brisk pace of sales and whether we will see fewer cases of multiple offers.