Here is today's snapshot of the Palo Alto market for single family homes:
86 Active listings
56 Pending sales
So, active listings continue to decrease. Pending sales are also down a little, but not as much as active listings have decreased.
Here are the interesting numbers for this week:
Under 2 million: Active 59 Pending 45 a great ratio!
Over 2 million 27 active and 11 pending which on the face is not bad but there is more:
Over 2.6 million: 20 active listings and ZERO pending sales. This will probably change in the next week, but the pattern of the upper end of the market being slow has not changed.
2 million t 2.6 million: 7 active listings 11 pending sales This is a very healthy segment right now.
My prediction for the upper end market is still the same as last week. 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
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