My colleague David Blockhus at Coldwell Banker Los Altos has just completed an inventory study for Los Altos. David also provides some interesting data regarding the number of listings each year with the number of sales each year. List price to sales price ratios are often published. The number of listings to numbers of sales is also a good market barometer.
There are some good comparisions between Los Altos and Menlo Park.
Current inventory levels as of January 1, 2008 are higher in both communties than they were in 2006 and 2007.
Inventory levels in Los Altos were quite a bit lower in 2008 as compared to 2006 and 2007. In Menlo Park, however, inventory levels in 2008 were about the same as they were during the preceeding 2 years. Interesting?
As noted in my earlier post, neighborhood differences within cities are important. Los Altos is a fairly homogeneous community with little or no moderate income property available whereas Menlo Park is a little more diverse and does offer housing in the Belle Haven area in the $600,000 price range - Los Altos homes typically start at about $1,000,000.
Another similarity to note is that in both communities during 2006 and 2007 the inventory curve contains a single “hump” - start low in January increase until about September and then drop through the rest of the year. In 2007, the inventory curves have more of a double “hump” (Math or statistic majors please help me out! I know there must be a technical term for the “hump”) where inventory levels rose after Labor Day and then decreased later in the year. I wonder why?
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
Leave a Comment