Palo Alto Market Update, May 5th: Single Family Homes

As of today this is the snapshot of the Palo Alto single family home market:

69 Active Listings

65 Pending Sales

Price Point Break Down:

Under 1 Million

5 Active Listings

21 Pending Sales

1 mil to 1.5 mil

25 Active Listings

24 Pending Sales

1.5 to 2 mil

11 Active Listings

24 Pending Sales

2-3 mil

17 Active Listings

9 Pending Sales

3mil +

12 Active Listings

4 Pending Sales

This time last year:

148 Active listings

47 Pending sales

Things have really changed since last year. There is half the inventory as last year, which goes along with the recent California Association of Realtor Stats that report that in Ca. homes over 1 million last year had a 21 month supply of inventory and now there is a 10 month supply of inventory. So, at this moment in time the market is better, even in the over 3 million dollar price point when last year the ratio of active to pending was 40 to 1 over 2 million. 3 to 1 is much better, but I do not know if we have really hit bottom for this segment. My guess is no, but I will have more knowledge about that in the coming months.

If you need anything else please feel free to contact me. I am here to help you.

Marcy Moyer Keller Williams Realty

marcy@marcymoyer.com

650-619-9285

www.marcymoyer.com

Frequently Asked Questions--Mortgage, Mortgage, Mortgage

WHY DOES THIS BLOG SPEND SO MUCH TIME ON MORTGAGE ISSUES?

This is a very easy question to answer. In 2005-2006 the only requirement for getting a mortgage was having a pulse (although there was probably some mortgage fraud going on that allowed dead people to acquire mortgages as well). The crash in the credit market has made getting a loan very difficult, if not downright impossible for many. The desire to own a home hasn't changed, but the ability to do so has changed radically. I am often asked when will the housing market recover. My best guess is that when the credit loosens the market will improve.