The Palo Alto luxury home sales report for May 2013 reflects the improving market throughout Silicon Valley and consistently strong demand for luxury homes in Palo Alto. Homes priced or sold above $3M (luxury homes) are moving briskly and price escalations are expected throughout the remainder of the year.
Today, six of the 17 Palo Alto luxury homes active on the market (not in escrow) have been listed than 30 days or less. Two have been listed for less than 60 days. The only home on the market for an extended period is the one short sale listed at $5,500,000.
Of the five luxury homes now in escrow, four were on the market 11 days or less and one was on the market 22 days. Given that there are always a few properties that will sell slowly under any market conditions, it appears that Palo Alto homes are definitely in demand and selling quickly.
Of the five homes that closed escrow in May, all had accepted offers (sold) in 28 days or less, two homes in less than 10 days.
June 1st Palo Alto Luxury Market Snapshot:
· Homes active on the market: 17 (including 1 short sale)
· Price range of active listings: $3,080,000 - $23,000,000
· Homes now in escrow: 5
Contact Us for more information regarding the Palo Alto luxury home sales report or for help buying or selling Silicon Valley real estate.
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To search for property listings of all types in Palo Alto and Silicon Valley, including homes, land, income property and more – click > Silicon Valley MLS listings. This is the same MLS agents use and covers Santa Clara, San Mateo, Santa Cruz, Monterey and San Benito Counties.
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John A. Souerbry & Associates Call John direct: (650) 815-6182 (DRE 01370983)
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