Palo Alto Market Update, Jan 6th: Condos

As of this evening, here is a snapshot of the Palo Alto condo/town home market--

Active Listings: 20

Pending Sales: 5

Sold in Last Week: 1

Sold Details:

2579 Park Blvd. X102: Listed for $639,950 and sold for $630,000

What does this mean? We are probably at the bottom of inventory for a while. The number of condos for sale should increase over the next few months, whether the market is good or bad. Things to watch for: is the inventory of condos over 35 active listings, and how are the pending sales going? Even if the active sales stay under 30, if the pending sales don't rise 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 the way of prices. If we go better than 2 to 1, we will see appreciation. 

If you are interested in finding the final 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. 

If you need anything else feel free to contact me-- I am always here to help!