The Los Altos real estate market has become soft after three years of escalating prices, especially from the beginning of 2017 to May in 2018. After a significant slowdown during the second half of 2018 and the beginning of 2019, with only three to four weeks in April of 2019 showing a sudden spur in sales, the market has once again slowed. On the whole, the average sale price for the first half of 2019 pulled back slightly, but it’s still the seller’s market; 52% of the houses in first half of 2019 sold above the asking price.
Regardless what the market looks like, in Los Altos and Palo Alto, good houses on a nice street will always sell. In 2000 when the “.com” bubble burst following 9/11, from 2009 to 2011 when the entire country’s real estate market crashed, the good houses in good locations still sold with multiple offers. However, the bidding price was much more reasonable when compared with the crazy market.