2017 Market Analysis: How’s the Market?
Part 2 of 6
How high are the prices for specific neighborhoods and K-8 school districts in Los Altos, Los Altos Hills, Sunnyvale, and Mountain View?
For many Buyers, the school district and neighborhood are the top priorities for their home purchase in Los Altos, Los Altos Hills, Sunnyvale, and Mountain View. Savvy Buyers and the best local agents are attuned to the subtle differences among neighborhoods and school districts. Even if they don’t plan to enroll in the public schools, they want to be in the most desirable neighborhoods, which often fall within the boundaries of the desirable public school districts.
In 2017, homes in North Los Altos and in the Los Altos School District (K-8) continued to carry a premium.
- Homes in North Los Altos with Los Altos Schools (K-8) sold for 17% more than homes in South Los Altos with Cupertino Schools (K-8)
- Homes in South Los Altos with Los Altos Schools (K-8) sold for 13.7% more than homes in South Los Altos with Cupertino Schools (K-8)
- Homes in Mountain View with Los Altos Schools (K-8) sold for 8.1% more than homes in Mountain View with Mountain View schools (South of El Camino Real)
Price per Square Foot Based on School District
North Los Altos with Los Altos Schools (K-8)
2.4% over 2016
South Los Altos with Los Altos Schools (K-8)
7.8% over 2016
South Los Altos with Cupertino Schools (K-8)
7.9% over 2016
Mountain View with Los Altos Schools (K-8)
8.3% over 2016
One way to interpret this data is that homes in Los Altos with Cupertino schools offer a terrific value compared to other areas of Los Altos. With a lower average price per square foot ratio, Buyers can get more for their money in Los Altos with Cupertino Schools. This often results in a bigger and/or better condition home and/or a nicer street. The neighborhoods known as ‘The Highlands’ and the area around Grant Park are characterized by a friendly neighborhood community and diverse, well-balanced schools where students thrive in academic AND extra-curricular activities such as sports, music, drama, art, dance, scouting, etc. Here’s a link to my article about The Highlands: Highlands History
What’s happening in Los Altos Hills?
In 2017, Los Altos Hills’ homes sold for an average of $1,262 per square foot, an increase of 10.8% in 2017 after a decline of 4.0% in 2016. I attribute the increase to the lack of inventory in the Los Altos market in general. The prevailing preference for many Buyers is to be “In Town” but many Buyers couldn’t find what they wanted “In Town” so they went to the “Hills” instead in 2017. Given how crowded and congested this area has become, many Buyers are looking at the one-acre properties in Los Altos Hills as a refuge and retreat from the “busy-ness” of Silicon Valley. Many are drawn to the beautiful views afforded by the Hills as well. Here’s an excellent example of the views some homes in the Hills have to offer: www.DeerSpringsWay.com
It may surprise you that the K-8 school districts are independent of the High School (grades 9-12) school districts. My next article is entitled, “Which High School is the Best?”
Location matters and so does picking the right agent for your real estate needs!
Interested Buyers should verify the enrollment and availability policies directly with the appropriate school district for any school that they might be interested in BEFORE making an offer on any home.