Los Altos Hills Summer Market- Work/Life Balance Fueling Huge Median Price Jump
In Silicon Valley, the balance between work and life has been slowly shifting. People are looking for balance in their lives more than they ever have before. In Los Altos Hills, people want to live where they work and not commute to a job in San Francisco or San Jose every day. Proximity, privacy and seclusion are paramount to homeowners here, and this Summer has seen more buyers seeking the same than ever before.
The median price of single family homes has jumped 21.3% over the past 3 months, which can mostly be derived from a handful of major sales well into the 8-figure range. But, that alone cannot be the only driving factor to a median sales price of $5,000,000! The smaller single family homes in the flats, just west of 280 are trading at more of a premium than ever before as people seek more space and square footage, as well as larger lots that can be turned into beautiful, private backyard oasis'.
In July alone, 14 homes sold for an average final sale price of ~ $7,300,000, a hyper active month in the context of a typical Summer.
For frame of reference, 12 properties sold in July of 2020 with an average sales price of only $5,032,000. The price bump across the board can be attributed to a major shift in the luxury markets of the Bay Area that isn't limited to Los Altos Hills, or Silicon Valley alone.
All major markets are seeing increased transaction volume this Summer, from San Francisco to Marin, as well as luxury pockets of the East Bay. The general consensus within the agent community, as well as following the laws of human nature and modern psychology; people want what they dont have.
Those who had a secluded, quiet pandemic in the hills are tending to seek more action + activity, becoming real estate buyers in the more affluent and enjoyable areas of San Francisco like Pacific Heights (market is up 12% this summer) and Noe Valley (also up 13% after seeing no dip during the pandemic).
In contract, people who were stuck in the city, or more densely populated areas of the Bay, and other major markets around the world, for the past 12 months are craving seclusion and escape, fueling the top end of the Los Altos Hills market to turn over at break-neck speed.
Not to mention the safety of this city is meticulously maintained by the private security patrol that monitors 24 hours a day, 7 days a week, including an impeccable neighborhood watch. The tight-knit community certainly factors into the desire for buyers to become homeowners in the hills.
If you're looking for a home in Los Altos Hills this Summer, your best bet is to tap the off-market listing syndicate and see whats available before it hits the market. Otherwise, you're likely stuck competing with the flock of buyers touring homes within the first days of properties hitting the market.
For homeowners, if you've been waiting for the markets theoretical peak, all signs are pointing toward September/October being as good as it gets/has ever been.
Let's talk about strategically positioning your property for a record-breaking offer; on or off market.
