By Clyde Noel

Despite spiraling prices, the local real estate market is still hot with numerous weekend open houses. More listings come on the market daily but not fast enough to grow the listings.

“It’s kind of like snowflakes that melt before they hit the ground,” said Avram Goldman, president of Coldwell Banker, Northern California. “The majority of offices are reporting more than 50 percent of the offers are multiples. Buyers are still out in droves.”

The median price of an existing, single-family detached home in California during December was $474,480 and in Santa Clara County, $660,000.

Los Altos continues to be active with 27 single-family homes for sale that range from $899,000 to almost $4 million. Eight homes came on the market in the past week.

In Los Altos Hills, 47 homes are listed, with the lowest offered at almost $1.7 million and the highest at $14.85 million.

There are 11 homes for sale, ranging from $657,000 to almost $2 million, in Mountain View.

“For sellers, the sun shines brightly; for them it is the ‘perfect market,’” said Goldman.

Statewide, the 10 cities and communities with the highest median home prices during December 2004 were: Los Altos, $1,485,000; Burlingame, $1,417,750; Beverly Hills, $1,275,000; Manhattan Beach, $1,250,000; Palos Verdes Estates, $1,117,500; Saratoga, $1,000,000; Hermosa Beach, $976,500; Newport Beach, $925,000; Calabasas, $915,000; Rancho Palos Verdes, $900,000.

Throughout California, home buyers are concerned about mortgage-rate increases. The increased rate of purchases drives the median price to a continued all-time high. With buyer interest running at full speed, the supply of homes for sale is quickly absorbed.

Information sources: California Association of Realtors and DataQuick Information Systems.