Remote Work Hits Los Altos Condo Prices
Digging into Los Altos real estate uncovers some trends.
Los Altos House Price vs. Condo Price
Los Altos condo prices dropped while house prices continued to rise after the beginning of the COVID-19 pandemic.
Los Altos House Price vs. Townhouse Price
Los Alto townhouse prices continued to rise almost parallel to house prices.
Saratoga House Price vs. Condo Price
Saratoga condo prices continued rise although not as fast as house prices.
Summary
Although few trends are determined by a single event, it appears that condo prices in the center of Silicon Valley have been negatively affected by the COVID-19 pandemic, while those near the edge of Silicon Valley are still rising. A possible explanation for this is that remote work reduces the cost of not living near companies, and condo owners are more willing to move than house or townhouse owners.
The disparity between condo owners and others could be that condo owners are moving to larger preferred housing that has a lower commute penalty due to remote work.