Palo Alto Real Estate Market Update – May 2010 – Homes for Sale Vs. Homes Sold

By
Real Estate Agent with Keller Williams CAL BRE #01393647
The Palo Alto Real Estate Market continues to show strength in May 2010. The chart below shows a three month moving average of the Median Sold price for homes in Palo Alto. The median sold price continues in an upward trend. The median price for a home sold on Palo Alto in May 2010 was $1,409,000. The median price of a home for sale in Palo Alto during the same time period was $1,669,000.

Palo Alto Homes for Sale - Supply and Demand - May 2010

 The supply of homes for sale in Palo Alto in May 201 is down 43% over one year ago. At the same time, there was a 12% increase in the number of homes sold. This shows the continuing trend towards a competitive market for buyers in the Palo Alto real estate marketplace. The average number of days on the market for a single family home in Palo Alto for May 2010 was 39. This is down 11% from 44 days in May 2009.

Midtown Palo Alto Real Estate Market - May 2010

In May 2010, the median price for a home for sale in Midtown Palo Alto was $1,843,500. This is a 19% increase over the May 2009 price of a home for sale in Midtown. The Sold price for the same time period increased 4% during the same time period to $1,655,500.

Supply and Demand for Real Estate in Midtown Palo Alto - May 2010

The supply of homes for sale in Midtown Palo Alto is down 70% over May 2009 to a total of 10 single family homes for sale in Midtown in May 2010. During the same time period, the number of homes sold decreased by 43% to 4 homes sold in May 2010 compared to 7 sold in May 2009. This can be attributed to the lack of inventory from which to choose. The average days on the market in Midtown Palo Alto in May 2010 was 20 days compared to 39 days in 2009. 

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