There has been a slight shift in Los Altos real estate preferences. Los Altos house prices have grown since 2020. Los Altos townhouse prices have grown since 2020. Los Altos condo prices have sagged since 2020. The difference in growth is likely partly due to the higher mobility of condo owners.
Los Altos House Prices
Although there have been spikes up with subsequent drops (motivated by interest rate changes), the trend for Los Altos house prices has been upward since 2020.
Los Altos Townhouse Prices
Los Altos townhouse prices have trended nearly flat since 2020, with numerous up-and-down quarterly changes. Overall, there appears to be a slight upward trend.
Los Altos Condo Prices
Los Altos condo prices have sagged downward after 2020 except for the first and second quarters of 2024. The second quarter of 2024 has far too few closed escrows to represent the final result after all escrows have closed.
East Bay House And Condo Prices
Newark and several other East Bay cities have shown stronger growth for houses and condos. Other cities with similar growth are Fremont and Union City.
In 2020, Remote Work Reduced The Cost Of Commuting
Remote work became an option either wholly or partially in 2020 in response to COVID-19 health risks. The cost of getting to work was reduced for East Bay residents and other residents at the edges of Silicon Valley who work in the heart of Silicon Valley. Both homeowners and prospective homeowners saw a change when comparing the cost of living in the heart of Silicon Valley vs. at the edges of Silicon Valley. Condo owners and prospective condo owners were presented with the possibility of either owning a larger condo, a townhouse, or even a house at close to the cost of owning a condo in the heart of Silicon Valley. House owners with significant equity in their homes would see less gain by moving to the edges of Silicon Valley.
Although remote work has changed the commuting cost of living further from the heart of Silicon Valley, it has little reason to affect preferences between condos, townhouses, and houses. Differences in the mobility of the existing owners have probably temporarily affected the price ratios.