The Palo Alto real estate market continued its tightening trend in April 2010. This means higher prices for sellers and a more competitive environment for Palo Alto home buyers.Let's take a look at some of the real estate market trends for April 2010.
Median Home Prices in Palo Alto - April 2010
The median price for a home for sale in Palo Alto in April 2010 was $1,499,500. This is down 8% from April 2009. During the same time, the median price for a home sold in April 2010 has increased by 27% to $1,584,000. Notice that the average price of homes sold is actually over $83,000 higher than the average home for sale price.
Palo Alto Homes for Sale Supply & Demand - April 2010
The number of homes sold in Palo Alto in April 2010 is up 10% over April 2009. The number of homes under contract in April increased by 11% in the same time period. The number of homes for sale during April 2010 is down 42% over one year ago. Homes for sale in Palo Alto were only on the market for 39 days on average.
Midtown Palo Alto Median Home Prices - April 2010
In the Midtown neighborhood in Palo Alto, the median price of homes for sale in April 2010 increased 5% over one year ago to $1,699,999. During the same time period, the median price of homes sold increased 15% to $1,208,000.
Midtown Palo Alto Homes for Sale Supply and Demand - April 2010
The number of homes for sale in the midtown neighborhood in Palo Alto decreased 75% over 2009 levels to 7 homes available for sale. During the same time period the number of homes sold in Midtown increased 40% over April 2009. The average days on the market for a home in Midtown Palo Alto in April 2010 was only 24 days. There were only 3 new single family homes listed during April 2010 in Midtown.
All of these statistics point to the strength of the real estate market in Palo Alto in general and Midtown in particular. As always, all real estate is local and results vary by neighborhood. For complete information on your neighborhood and your home’s value, you may contact me
at any time. You may also sign up to receive future real estate market updates