Palo Alto CA Market Update, June 15th: With a Neighborhood Twist!

Here's the latest update on the single family home market in Palo Alto, with a neighborhood twist! 

Active Listings: 98

Pending Sales: 50

The market seems to be holding pretty steady, with a ratio of one pending sale for every 2 active listings. So this time, instead of breaking the numbers up by price range I did a neighborhood breakdown. 

Are some neighborhoods more popular than others? If so, which ones? 

So here's what I found when I crunched the numbers by neighborhood: 

Downtown:  5 Active  3 Pending

Professorville:  3 Active  2 Pending

Community Center:  3 Active  4 Pending

Crescent Park:  5 Active   3 Pending

Green Gables:  8 Active  9 Pending

Old Palo Alto:  11 Active   2 Pending

College Terrace:  Active 10  Pending 4

Ventura:  4 Active  2 Pending

Midtown:  9 Active  3 pending

South Palo Alto: 19 Active  13 Pending

Barron Park:  Active  9   Pending   1

Green Acres:  6 Active  2 Pending

Palo Alto Hills:  4 Active  1 Pending

So what does this mean?  Well, after a year and a half of looking at PA by price range it is very interesting for me to look at things from a different angle.  Intuitively it has felt to me like the Community Center has become the “it" place to be, and this week’s stats definitely support that.  It is one of only two neighborhood with more pending sales than active listings. The other is Green Gables.   

What I find most fascinating is the Barron Park stat. 9 active listings to 1 pending sale is the worst neighborhood in Palo Alto.  Why? I have some theories.  It was the most popular for a while and perhaps was more over inflated than others so needs a bigger adjustment.  Or is it the 900 pound gorilla in the room that no one wants to discuss:  suicide. Did the rash of Gunn suicides send buyers to the northern end of Palo Alto?  If you look at the active to pending ratios of all the neighborhoods they are uniformly better in north Palo Alto than south Palo Alto.  

Now, this is only my first look, and the numbers for each neighborhood are small, but it is definitely a trend I want to follow.

Marcy Moyer

Keller Williams Realty

marcy@marcymoyer.com

www.marcymoyer.com

D.R.E. 01191194

650-619-9285