As of today this is the snap shot of the Palo Alto market:
91 Active Listings
26 Pending Sales
4 Sold listing in past week
What does this mean? The inventory is stable from last week, but this was a holiday weekend so there may be another jump this week. Pending sales are up from 21 to 26 so percentage wise pendings are actually up a little more than active, but the overall ratio is still 1 pending for less than 4 actives--slightly better than last week. Again, this is more of an over 2 million dollar problem. There are 39 listings over 2 million and 5 pending sales, or a 1 to 8 ratio which is better than last week's 1 to 20 but still not great, especially since the highest price pending listing is 2.649. There are 52 listings under 2 million and 21 pending sales, so a 1 to 2.5 (almost) ratio, which is not too bad and about the same as last week.
This week's closed sales are pretty interesting.
2980 Waverley St. Listed for 2.1 and sold for 1.932 4 bedroom/3 baths
1730 Guinda Listed for 1.698 and sold for 1.630 3 bedrooms 1/5 baths
2326 Hanover Listed for 1.195 and sold for 900K 2 bedrooms 1 bath
3059 Louis Rd. Listed for 899K and sold for 860K 3 bedrooms 1 bath
This week all the sales are lower than asking which, as you know, hasn't made me too joyful. However, this seems to be getting pervasive in Palo Alto, even in the lower price range. Stay tuned for more updates.
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'm always here to help!
Marcy Moyer Intero Real Estate
650-619-9285
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