Yesterday I had a client call me asking if I could help him calculate what his home was worth every year for the last 5 years. While I couldn’t say what his home was worth, I could run a quick analysis across the entire neighborhood of Los Altos on a yearly basis for home similar to his 1,800sf, 3 bedroom, 2 bath home. This would provide a baseline for how much his home had then gone up or down on a yearly basis. What showed up was again confirmation that we have put in a bottom in terms of home prices. Los Altos Home sales by year (1,600 – 2,000sf homes with 3+ bedrooms and 1.75+ baths)
2007 – $659,000
2008 – $569,000
2009 – $532,000
2010 – $512,000
2011 – $482,000
2012 – $520,000
The obvious point of interest is that prices are up in 2012 relative to 2011. This is big news. It is one more bit of confirming data that a market bottom is in place.