What do you get for $1.5M in Los Altos?!

English: Barn in Los Altos, California (Photo credit: Wikipedia)

No, this barn would probably cost north of $3M! But if you wanted to find out what your $1.5 Million dollars could have bought you last month in Los Altos, the answer will disappoint you! There was only ONE home sold for $1.2M dollars which was located in North Los Altos. Here the rest of the data on the sold homes in Los Altos for June 2013:

List Price Range : $1,00,00 to $1,899,000

Sold Price Range: $1,2,000 to $2,000,000

1)Days on the market: These 21 homes sold in in Los Altos was between 6-37 days which is remarkably fast given the sold price of the homes. Needless to say the homes that are closing in 6 days are all cash transactions thanks to the booming employment picture in Silicon Valley where start ups and established successes such as Google and Apple are having a tough time finding and attracting talent to Silicon Valley.

2) List Price Per Sqft: The price per square feet for these 21 sales were $$820 which is about $220 dollar more than Los Gatos Average List price.

3) Average Size: The average of home size for these sales was 1,916 square feet among these home sold in June 2013.

4) Average Sale Price: The Average Sale price of these 5 homes was $1,732,000.

5) Sale Price Per Sqft: These Los Altos homes sold for $897.26 per sqft which is a good indication of a sellers market since the they are getting more than 100% of their list price.

So the answer to the question as to what you could buy for $1.2 M in Los Altos in June 2013; is not a mansion. It’s a small 1,900 sqft home. We will be reviewing the Los Altos Foreclosure Activity for June 2013 to explore the impact of distressed sales in the market.