Let’s look into Los Altos real estate.

Los Altos House Prices And Los Altos Condo Prices

After 2020, Los Altos condo prices began to sag downward while house prices continued to climb. It remains to be seen if this is a true change in demand or a temporary effect created partly by condo owners being quicker to change their housing to something new. The COVID-19 pandemic led to expanded remote work opportunities. The potential reduced commute costs could entice condo owners to swap their Los Altos condos for larger housing across the SF Bay. Prospective first-time homebuyers would also see the change as shifting a decision towards a larger Tri-City home.

Newark Condo Prices and House Prices

Both house prices and condo prices continue to rise in Newark after 2020.

Union City Condo Prices and House Prices

Both house prices and condo prices continue to rise in Union City after 2020.

Fremont Condo Prices and House Prices

Both house prices and condo prices continue to rise in Fremont after 2020.

Costs Have Changed

Remote work reduced some costs associated with living in the Tri-City area and working on the SF Peninsula. This would naturally lead to more people choosing to have larger housing in the Tri-City area, perhaps even moving from a Los Altos condo they already own. House prices in the Tri-City area appear to have grown at least as fast as house prices in Los Altos. Condo prices could be more affected than house prices because of higher mobility of condo owners and less to gain for house owners. This is likely not a shift in preference of house vs. condo, rather a possibly temporary shift in location preference. Los Altos condos may have greater future price growth than houses due to their prices having been influenced sooner than houses.