As a Palo Alto Real Estate Agent I am always being asked, "How's the market in Palo Alto?" The answer is simple:
Not enough inventory, plenty of buyers.
There are currently 29 single family Palo Alto homes for sale, down from 37 last week.
There are currently 3 Palo Alto town homes/condos for sale, down from 5 last week.
There are currently 39 pending sales of Palo Alto single family homes, down from 48 last week.
There are currently 8 pending sales of Palo Alto Town homes/Condos, down from 10 last week.
In Sept of 2013 there were 29 single family Palo Alto homes sold, 15 less than in Aug. The big drop in solds is a reflection of the decrease in inventory that always happens in August. The prices ranged from $595,000 to $4,325,000. This is the first sale under a million dollars since last spring. The $595,000 sale was a weird anomoly of a tear down house on a small lot on Alma. The next lowest price house was $1,070,00.
In August of 2013 there were 7 Palo Alto Town Homes/Condos sold, the same as August. The prices ranged from $900,000 to $1,650,000. This is a very a high starting price point for condos in Palo Alto, but none of the condos in the traditionally lower priced complexes were for sale.
Anything between 40 and 60 is typical seller's market for Palo Alto and over 90 is a buyer's market. As you can see, the chances of a buyer's market in the near future look slim, but if we could just have enough inventory that all the serious buyers could eventually win a bid I would be happy and seller's would still reap their appreciation. I think the turmoil and uncertaincainty from the government shut down and brink of default along with the stock market dip had a dampening effect on both sellers and buyers. Now that it is over hopefully things will get back to normal. If you would like to search for homes for sale please feel free to visit my website for a custom search.
If you have any questions about buying or selling a home in Palo Alto please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
D.R.E. 01191194
650-619-9285
- See more at: http://activerain.com/blogsview/4220262/palo-alto-ca-real-estate-market-update-10-14-2013#sthash.06PYyUJN.dpuf
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