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Palo Alto Real Estate Market Update 6/2/2013
As a Palo Alto Real Estate Agent I am always being asked, "How's the market in Palo Alto?" The answer is simple:
Not enough inventory, plenty of buyers.
There are currently 36 single family Palo Alto homes for sale up from 27 last week.
There are currently 7 Palo Alto town homes/condos for sale, up from 4 last week.
There are currently 36 pending sales of Palo Alto single family homes, down from 37 last week.
There are currently 11 pending sales of Palo Alto Town homes/Condos, down from 15 last week.
In May of 2013 there were 42 single family Palo Alto homes sold, about 4 less than in April. The prices ranged from $975,000 to $6,974,000. There were 2 homes under a million, unlike in April when there were no sales under a million.
In May of 2013 there were 12 Palo Alto Town Homes/Condos sold, up from 7 March.  The prices ranged from $541,000 to $1,358,000. The condo for $541,00 was a one bedroom. 
This week the lowest price listing of a single family home is $1,088,000 which is higher that the lowest priced sale in May. Since most homes get multiple offers and sell higher than list price  the ... more

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