As of this afternoon here is the snap shot of the Palo Alto Market:
62 Active Listings 15 Pending Sales 6 Closed Sales in the Last Week
Closed Sales:
4212 Suzanne Dr.: Listed for $1,089,000 and sold for $1,151,000
2351 Santa Catalina St.: Listed for $1,695,000 and sold for $1,675,000
Interesting observation on the pending sales:
1 pending sale is at $3,995,000, 3 pending sales are hovering at the 2 million mark, and 14 pending sales are under $1,588,000. These are all list prices. The higher end market, (ie. over 2 million) is not healthy right now. The number of active listings over 2 million is 21, with one pending sale. THIS IS A VERY BAD RATIO.
There are 41 listings under 2 million and only 14 pending sales, which is a 1 to 3 ratio, more or less. Not terrible, but not great. At this ratio I would expect either a leveling of sales prices, or maybe a small decline. If you drop the price range down to 1.3 and lower, there are 19 active listings and 6 pending sales, exactly the same ratio as for 2 million and under.
So my preliminary prediction is that the market over 2 million will decrease, and the lower end is not going to get hit as badly. It may even hold its own. I reserve the right to change that prediction every week, but I would love to hear your thoughts regarding what these numbers indicate for the future of the Palo Alto market.
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 type 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
650-619-9285
www.marcymoyer.com
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