As of today this is the snap shot of the Palo Alto market:
90 Active Listings
21 Pending Sales
4 Sold listing in past week
What does this mean? Inventory continues to increase. Active listings are up from 81 to 90. Pending sales are also up from 17 to 21 so percentage wise pending sales are actually up a little more than active sales. Even so, the overall ratio is still 1 pending for every 4.5 actives which isn't so great. Again, this is more of an over 2 million dollar problem. There are 40 listings over 2 million and 2 pending sales--or a 1 to 20 ratio which is, frankly, terrible. There are 50 listings under 2 million and 19 pending sales, so a 1 to 2.5 (almost) ratio, which isn't too bad.
This week's closed sales are pretty interesting.
866 Seale Listed for $3,498,000 and sold for $3,625,000 New construction
1029 Ramona Listed for $1,650,000 and sold for $1,350,000
608 Fulton Listed for $1,690,000 and sold for $1,395,000
2576 Middlefiled Listed for $839,000 and sold for $745,000
What I find most interesting about this week is that for the first time since I have been a realtor Palo Alto has more active listings than East Palo Alto. EPA has 88 active single family home listings and Palo Alto 90. Usually there are at least twice as many listings in EPA as PA. I think this really backs up what I have been saying that the lower end of the market is very hot, while the upper end is ice cold.
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 next to the search icon 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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