According to the MLS here is the state of the market for 10/28/2010...
Active listings: 88
Pending Sales: 60
Active Short Sales: 1
Active Bank owned: 1
Pending Short Sales: 1
Pending Bank owned: 0
Sold Short Sales 2010: 2
Sold Bank Owned in 2010: 1
What does this mean? Despite the reports of doom and gloom in the media for the national real estate market, and despite the hysteria on many web sites, as of now, the Palo Alto market is not being influenced by distressed properties. This does not mean that it will not be in the future, but so far in 2010 there are not a lot of distressed properties on the market. So if you are looking for a bargain, this is not the place to find it. Not only are there not many distressed properties, but the ratio of listings to pendings is very healthy. There are still a number of homes in the upper price range, over 3,000,000 that are not selling easily, but otherwise the market is still quite active and healthy. What this says to me is that Palo Alto is a very desirable place to live, and there are enough people with jobs and money to support the market in Palo Alto.
Marcy Moyer
www.marcymoyer.com
650-619-9285
marcy(at) marcymoyer (dot) com
D.R.E. 01191194
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