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 28 single family Palo Alto homes for sale, down from 38 last week
.
There are currently 7 Palo Alto town homes/condos for sale, up from 4 last week.
There are currently 47 pending sales of Palo Alto single family homes up from 38 last week.
There are currently 5 pending sales of Palo Alto Town homes/Condos down from 6 last week.
Last week there were 11 new Palo Alto single family home listings and 3 new Palo Alto condo listings. Basically the pending sales are more than keeping up with the new listings.
In April of 2014 there were 45 single family Palo Alto homes sold. The prices ranged from $1,670,000 to over $7,500,000. The home for over 7,500,000 withheld the sales price. Of the 45 sales, 18 were all cash. That is just about 33% which seems to be about the norm. Most of the cash sales were either at the very high end or tear downs so that is not too unusual.
In April of 2014 there were 12 Palo Alto Town Homes/Condos sold, The prices ranged from $580,000 to $1,850,000. Nine of these sales were financed and 3 were cash.
Traditionally the market picks up in March and April and we saw 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 sellers 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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