Palo Alto, Market Update, Dec 28

Palo Alto Market Update 12-28-08

As of this morning this is the snapshot of the Palo Alto Inventory of homes:

Single family homes:
Active Listings: 68
Pending sales: 15
Closed in last week: 0

Condos/town homes:
Active listings: 22
Pending sales: 6
Closed in last week: 0

So what does this mean? Not too much. There would normally not be too many closed sales at the end of the year because of the holidays. The condo market and the single family home market have a similar ratio of pending to active listings. The results may be a little off though because there are more new condo/town homes on the market than single family homes, so these numbers are not an exact picture since not every new home in a development is on MLS. The inventory of both classes is shrinking, but that is to be expected as most sellers do not put their homes on the market at this time of year, preferring to wait until after the New Year. I will have a better idea of where the market is going a few weeks into January. If the inventory goes up a lot faster than the pending sales, we will see price declines. If the inventory stays the same and pending sale rate stays the same, we should have some stability in prices. If the inventory goes down and pending sales stay the same or increase, we could see some appreciation. I will let you know when I think there is a real trend that I can put my finger on.

If you are interested in finding the final selling price of any home, anywhere, you can do it on my web site. Go to www.marcymoyer.com and click on Cyberhome Home Valuation. You can then typed in any address and get the county records.

If you need anything else please feel free to contact me. I am here to help you.
Marcy Moyer Intero Real Estate
marcy@marcymoyer.com
650-619-9285
www.marcymoyer.com