Palo Alto Market Update, Jan 5th: Single Family Homes

As of this morning, here is a snapshot of the real estate market in Palo Alto:

Single Family Homes:

Active Listings: 60

Pending Sales: 11

Sold in Last Week: 4

Sold Homes Included:

1. 1018 Los Robles: listed for $1,350,000 and sold for $1,390,000

2. 821 E Meadow: listed for $1,298,000 and sold for $1,350,000

3. 1151 Middlefield: listed for $1,495,000, reduced to $1,295,000, and sold for $1,600,000

4.  2774 Randers Ct: listed for $799,000, and sold for $800,000

What does this mean? We are probably at the bottom of inventory for a while. The number of homes for sale should increase over the next few months, whether the market is good or bad. Things to watch for: is the inventory of homes over 130 active listings, and how are the pending sales going? Even if the active sales stay under 100, if the pending sales do not go up to at least 2 active for every pending listing we will see some more price decreases. If we can get up to 2 to 1 we won't see much change in prices. If we go better than 2 to 1 we will see appreciation.

The fact that all four sold homes went for over asking price is interesting--I don't know if it's a fluke or not. They were all listed under 1.5 million, which is the lower end for Palo Alto. If this trend continues, I'll have more comments--but if not, then I guess it is just a fluke.

If you are interested in finding the selling price of any home, anywhere, you can do it on my website. Click Here to go to my website. Once there, click on Cyberhome Home Valuation. You can then type in any address and get the county records. 

I'm always here to help, so feel free to contact me with questions or comments.