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

By
Real Estate Agent with Keller Williams CAL BRE #01393647


Palo Alto Median For Sale and Median Homes Sold - June 2010

In June 2010, the Palo Alto real estate market continued its trend in a positive direction. The Median price of homes for sale in Palo Alto was up 2% over one year ago to $1,599,000. The median price of all single family homes sold also showed in increase over the previous year, up 4% from $1,400,000 to $1,461,000.

Palo Alto Real Estate Supply and Demand - June 2010

While the supply of homes for sale in Palo Alto is down 28% as compared to June 2009, the number of homes on the market has steadily increased for the past 6 months showing confidence in the real estate market. Demand for homes was down 16% in June when compared to last June, possible due to having less inventory from which to choose.

Midtown Palo Alto Homes for Sale vs. Homes Sold - June 2010

The median price of a home for sale in the Midtown neighborhood in Palo Alto has seen an increase of 20% over June 2009 to $1,797,000 in June 2010. The median sold price shows an increase of 71% over the previous June.  While it is exciting to see such a large increase in the selling price in Midtown, this number can be easily skewed when you are looking at a small area such as a neighborhood. It is more important to watch for trends. In the image above, you can see that both the average asking price and sale price are headed higher in Midtown.

Midtown Palo Alto Real Estate Supply and Demand - June 2010

The number of homes for sale in Midtown in June 2010 was 14 which was a decrease of 55% from the previous June. During the same time period, the demand for homes is down by slightly less - down 50% from one year ago.

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