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Palo Alto Home Sales Report: June 2013

By
Real Estate Broker/Owner with Cordon Real Estate 01370983

Palo Alto Home Sales Report: June 2013The Palo Alto home sales report for June 2013 reflects the improving market throughout Silicon Valley and consistently strong demand for Palo Alto housing, both single family homes and condos.  Homes priced below $5M are moving briskly and price escalations are expected throughout the remainder of the summer.

Although the list at the end of this report includes the listing price and final sale price of the homes that sold in June, statistics regarding homes selling above or below their listing price or the difference between listing and sale prices have become meaningless.  Listing brokers have historically urged their sellers to ask for slightly higher than the estimated market value in hope of finding a buyer with the desire and ability to pay a little bit more.  But now there is a trend among brokers to urge their sellers to list their property below market value to attract more offers and create a bidding war.  This selling tactic usually surfaces in a “seller’s market” when demand is strong.  The result is that there is no way to know if a home was listed above or below its market value and any statistics based on current listing prices or the difference between listing and sale prices are worthless.

Of the 43 homes that closed escrow in June, only five were on the market longer than 30 days and 23 sold in less than 10 days.

July 1st Palo Alto Market Snapshot:

  • Homes active on the market: 32 (click to view > Palo Alto homes for sale)
  • Short sale homes for sale:  1
  • REO homes for sale:  0
  • Price range of active listings: $718,888 - $23,000,000
  • Homes now in escrow: 38

 

Contact Us for more information regarding this Palo Alto home sales report or for help buying or selling Silicon Valley real estate.

To receive a free valuation of your home in today’s market, click >Silicon Valley home valuation.

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.

 

Palo Alto Home Sales Report: Escrow Closed June 2013

LOCATION BED/BATH SQ. FEET LIST PRICE SALE PRICE
55 WAVERLEY OAKS 3/3|1 3,743 $5,750,000 $5,750,000
619 TENNYSON AVENUE 6/5|0 4,130 $4,500,000 $4,550,000
929 PARADISE WAY 5/4|0 4,400 $3,749,000 $3,650,000
416 EL VERANO AVENUE 5/4|0 3,310 $3,298,000 $3,550,000
875 MOCKINGBIRD LANE 4/3|0 3,300 $3,295,000 $3,450,000
1020 CHANNING AVENUE 5/3|0 3,501 $3,195,000 $3,195,000
309 EMERSON STREET 3/2|1 2,000 $2,700,000 $2,700,000
2175 EMERSON STREET 2/2|0 1,957 $2,395,000 $2,552,000
840 ALLARDICE WAY 7/3|1 3,040 $2,300,000 $2,425,000
1830 NEWELL ROAD 4/2|1 1,965 $2,295,088 $2,260,088
2301 BRYANT STREET 3/2|0 1,710 $2,190,000 $2,540,000
776 BARRON AVENUE 3/2|0 1,781 $1,798,000 $1,970,000
551 MAYBELL AVENUE 3/2|0 1,723 $1,598,000 $1,750,000
2154 SAINT FRANCIS DRIVE 3/2|0 1,714 $1,498,000 $1,815,000
2740 KIPLING STREET 3/2|0 1,358 $1,498,000 $1,810,000
1820 BRET HARTE STREET 3/2|0 1,381 $1,498,000 $1,927,000
755 FOREST AVENUE 3/2|0 1,256 $1,495,000 $1,658,000
621 ALVARADO ROW 4/2|1 2,171 $1,475,000 $1,810,000
3819 MAGNOLIA DRIVE 2/1|1 1,361 $1,475,000 $1,767,000
4206 RICKEYS WAY,#N 3/2|1 2,081 $1,448,000 $1,521,000
1919 IVY LANE 4/2|0 1,750 $1,398,000 $1,620,000
2916 BRYANT STREET 2/1|0 1,230 $1,398,000 $1,901,000
140 KELLOGG AVENUE 2/2|0 1,248 $1,350,000 $1,545,000
2069 EDGEWOOD DRIVE 3/2|0 1,422 $1,349,000 $1,300,000
808 RICHARDSON COURT 3/2|0 1,584 $1,299,000 $1,865,000
272 CAROLINA LANE 4/2|0 1,635 $1,295,000 $1,450,000
195 BRYANT STREET,#A 2/2|0 1,574 $1,225,000 $1,399,980
185 COWPER STREET 3/1|0 1,288 $1,200,000 $1,550,000
4206 RICKEY'S WAY,#J 3/3|0 1,554 $1,199,888 $1,250,000
555 BYRON STREET,#306 3/2|1 1,825 $1,198,000 $1,175,000
4264 NEWBERRY COURT 3/1|0 1,100 $1,150,000 $1,350,000
365 WEST CHARLESTON ROAD 2/2|0 1,045 $1,099,000 $1,141,400
1180 ALMANOR LANE 3/3|0 1,716 $1,098,000 $1,275,000
4238 RICKEYS WAY,#R 2/2|1 1,766 $1,039,000 $1,150,000
4173 EL CAMINO REAL ,#22 2/2|1 1,375 $895,000 $1,060,000
110 GREENMEADOW WAY 2/2|0 1,131 $775,000 $1,000,000
635 LYTTON AVENUE,#6 2/2|0 1,139 $765,000 $765,000
2585 PARK BOULEVARD,#Z204 2/2|1 1,230 $699,000 $795,000
2452 W BAYSHORE ROAD,#5 3/2|0 1,134 $699,000 $700,000
153 S CALIFORNIA AVE, #F217 2/1|1 1,247 $699,000 $775,000
3172 MIDDLEFIELD ROAD 2/1|1 998 $650,000 $671,000
280 WAVERLEY STREET 2/1|0 865 $595,000 $656,000
4250 EL CAMINO REAL ,#207 1/1|0 885 $520,888 $535,000

Comments (2)

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

These List-to-Sale stats look very good for sellers.

The question is, what would the list/sold prices have been in 2006/7??  Has the market recovered the losses of 2008-2011???

 

Jul 04, 2013 02:04 AM
John Souerbry
Cordon Real Estate - Fairfield, CA
Homes, Land & Investments

Lenn - these list-to-sale numbers really are bogus and do not represent home values in this area.  Brokers are trying to create bidding wars and I'm hearing stories about brokers being stuck with a low listing price and not getting offers above it.  As one buyer-only broker told me, "if this beautiful house in a great location is being listed that low, it must have major problems that aren't being disclosed, we can't recommend it to our clients."

Some neighborhoods around here have recovered, but they are rare.  Home prices here are tied very tightly to business investment and hiring, which has improved but is not as strong compared to 2004 through 2006.

Jul 04, 2013 06:02 AM