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Palo Alt, Ca Single Family Home Market Update 01-11-09

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Real Estate Agent with eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales B.R.E. 01191194

Palo Alto, Ca. Single Family Home Market Update 01-11-09

 

As of this afternoon here is the snap shot of the Palo Alto Market:

 

•62    Active Listings

•15    Pending Sales

•2        Closed Sales in the Last Week

 

 

Closed Sales:

 

4212 Suzanne Dr.: Listed for $1,089,000 and sold for $1,151,000

 

2351 Santa Catalina St.:  Listed for $1,695,000 and sold for $1,675,000

 

Interesting observation on the pending sales:

 

There is 1 pending sale at $3,995,000, 3 hovering at the 2 million mark, and 14 pending sales under $1,588,000. These are all list prices.

 

The higher end market, ie. over 2million is not healthy right now. The number of active listings over 2 million is 21, with one pending sale,  A VERY BAD RATIO.

 

There are 41 listings under 2 million and 14 pending sales, a 1 to 3 ratio, more or less which is not terrible, but not great. At this ratio I would expect either a leveling of sales prices, or maybe a small decline.  If you drop the price range down to 1.3 and less there are 19 active listings and 6 pending sales, the same ration as for 2 million and under. 

 

So my preliminary prediction is that the market over 2 million will decrease, and the lower end is not going to get hit as badly, or may even hold its own. I reserve the right to change that prediction every week, but I would love to hear your thoughts.

 

 

 

If you are interested in finding the final selling price of any home, anywhere, you can do it on my web site. Go to www.marcymoyer.com and click on Cyberhome Home Valuation. You can then type in any address and get the county records.

 

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

 

Marcy Moyer Intero Real Estate

marcy@marcymoyer.com

650-619-9285

www.marcymoyer.com

Posted by

Marcy Moyer eXp Realty of California  Specializing in Probate and Trust Sales, and Rental Investment Properties

 

Comments (2)

Jim Albano
Prudential Damiano Realty - Little Falls, NJ
Team - Jean-Marie Vantuno / Realtors North Jersey Real Estate

Those are some high end listings that you have there in your market. Thanks for the market snapshot.

Jan 12, 2009 02:12 PM
Marcy Moyer
eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA
Probate, Trust, and Investment Specialist

Jim,

It's pretty crazy. Alot of the prices on teh upper end were fuled by stock money. I think we are in for a big correction as a result of the stock market crash.

Marcy

Jan 12, 2009 02:25 PM