The real estate market is improving in Los Altos. Weekends see many houses with people coming and going or an open house with multiple potential buyers. You have to think the market is much more active. According to the latest reports, you would be thinking right. You may also notice the numbers of International real estate buyers.
March was a busy month and sales increased as compared to those in February. The number of single-family homes sold in March numbered 42 and the number of condos was 8. Many of these properties reportedly sold for as much as 20 percent over the asking price. They seem to be listed for a shorter time before being sold, which is another indication that the market is improving.
Sales were also improved in Los Altos Hills. Eight houses sold in March. Although that is 33 percent below the number sold in March of 2011, the prices were higher. Most were closed at close to the listed price. The average cost of a home there rose by 7 percent. Last year it was $2,383,334. In March of 2012 it was $2,550,000.
The rejuvenated industry owes some recent sales to International real estate buyers. Some California locations are doing better because of them. Miami, Florida is also high on the popularity lists of many foreign buyers. Plus, they are scooping up foreclosed properties in locations all over the U.S. Up to 90 percent of these are cash sales. They do not have to apply for and depend on mortgages to make purchases. They are desirable buyers since there is no contingency to delay or prevent the sale. In some sales, there is a contingency clause making it impossible to close until a homeowner can sell his or her current residence before closing on the new one.