As of today this is the snapshot of the Palo Alto single family home market:
73 Active listings
49 Pending sales
So, active listings continue to decrease while the number of pending sales have remained the same. The decrease in active listings is pretty typical for this time of year. I do not expect to see an increase in listings until January. If the pending sales stay the same or increase we will end the year with a strong housing demand that is not being adequately met in the bottom half of the price range in Palo Alto. Here are the interesting numbers for this week:
Under 1.5 million:
Active 27
Pending 38
There are more pending sales than active listings in this group and the gap is growing. That is an extremely healthy segment of the market.
2 million to 2.5 million:
5 active and 4 pending sales. This is also a very healthy segment.
Over 2.5 million:
23 active listings and 4 pending sales. There are now 2 pending sales over 2.6 million, one of which is 3.2 so this is a little better than last week., but in general nothing much is going on over 2.5 million.
Again, my prediction for the upper end market is still the same as last week, and the previous week, and the months before that. I think that we are going to start to see some short sales if the seller’s have overleveraged their homes and need to sell. Banks are starting to streamline the short sale process and the credit hit is not nearly as severe as a foreclosure. Added to that is the fact that the debt relief is not taxed by the feds leads me to believe that we will not see a wave of foreclosures in Palo Alto, but maybe a trickle of short sales if the employment picture does not pick up or if a homeowner needs to leave the area.
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
DRE 01191194
1 comment:
"Palo Alto Market Update, November 21st: Single Family Homes"...... nice post, i like it... Thank you for sharing...
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