As of today this is the snapshot of the Palo Alto single family home market:
103 Active listings
50 Pending sales
Breakdown of Price Points:
Under 1 million: 14 Active Listings / 10 Pending Sales
1 to 2 Mil: 48 Active Listings/ 28 Pending Sales
2-3 Million 27 Active listings/ 9 Pending Sales
3+ mil: 14 Active Listings/ 3 Pending Sales
What does mean? There is a pretty good jump in inventory for 89 to 103 active listings. Active to pending ratio is starting to increase in the under 1 million and 1-2 million dollar price points. It had already increased in the 2-3 million a few weeks ago. Over 3 million is pretty much the same. I am not saying the sky is falling, and there is always a increase in inventory right after Memorial week-end, but I think that there was a little appreciation in March-May, but I would be surprised to see more price increases this year. I do not expect a drop in values, I just do not conditions ripe for more appreciation until the job market and the stock market do better.
If you need anything else please feel free to contact me. I am here to help you.
Marcy Moyer Keller Williams Realty
650-619-9285
DRE 01191194
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