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. Only the problem, like the drought is getting worse.
There are currently 18 single family Palo Alto homes for sale, up from 14 last week
.
There are currently 5 Palo Alto town homes/condos for sale, down from 7 last week.
There are currently 16 pending sales of Palo Alto single family homes down from 17 last week.
There are currently 8 pending sales of Palo Alto Town homes/Condos up from 6 last week.
Last week there were 6 new Palo Alto single family home listings and 3 new Palo Alto condo listings. Considering that this is a holiday week-end I will take this as a pretty good sign. Many holiday week-ends see a drop in new listings not an even keel.
In January of 2014 there were 11 single family Palo Alto homes sold. The prices ranged from $1,601,444 to $4,100,000. A low of 1.6 million is a historic high for Palo Alto single family home sales. Of the 11 sales only 4 were all cash which is a healthy sign that the sales of Palo Alto homes are not being purchased by foreign investors.
In January of 2014 there were 2 Palo Alto Town Homes/Condos sold, The prices ranged from $740,000 to $1,150,000. Both of these sales were also financed.
Traditionally the market picks up after Super Bowl week-end and we are seeing flickers of that. 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. If you would like to search for Palo Alto homes for sale please click here.
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
Ca B.R.E. 01191194
650-619-9285
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