How does December 2010 real estate compare to the past two Decembers in Palo Alto?

How does December 2010 real estate compare to the past two Decembers in Palo Alto? *

With all the doom and gloom in the news about the state of real estate I decided to look at what was actually happening in our local market.  The average sales price in Palo Alto has actually increased since 2008 by about 30K or has increased by about 2% in value for single family homes.  

Inventory was down in December 2010 compared to December 2009 and 2008, but the number of homes sold has increased by about 39% compared to 2008 and has increased by 19% compared to 2009.  

Ten homes came on the market in December 2010. Of the 36 homes sold, the average list price was $1,432,148 and the average sales price was $1,444,320 (101% of list price) and with an average of 41 days to sell.

Twenty nine homes came on the market in December 2009 and 29 sold the average list price was $1,448,138 and the average sales price was $1,420,307 (98% of list price) and with an average of 49 days to sell.

Twenty homes came on the market in December 2008 and 22 sold the average list price was $1,442,545 (97.7% of list price) and the average sales price was $1,412,545 and with an average of 37 days to sell.

If you have any questions about what is happening in Palo Alto real estate please do not hesitate to contact me.

*-Data compiled from MLSListings, Inc. deemed reliable but not guaranteed