6 single family homes closed escrow in the last week, and of those 6, 5 closed OVER asking price. The price range varied greatly--the lowest price was $905,000, and the highest price was $1,400,000.
These numbers say a lot about current market conditions in Palo Alto. The first thing I notice is that the volume of sales in Palo Alto is low. Last year there were fewer homes for sale and pending sales equalled active listings--the gap between the 88 single family homes for sale and the 21 pending definitely signifies a slower market pace.
The prices of homes that are selling is very low for this area--even as early as last year the medium home price in Palo Alto was over $2,000,000. Last week the highest sale was $1,400,000. It doesn't take a rocket scientist to see that the higher ending is hurting.
If you have any questions about Palo Alto market conditions, please email me!
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