Not enough inventory, plenty of buyers.
There are currently 24 single family Palo Alto homes for sale down from 30 last week.
There are currently 5 Palo Alto town homes/condos for sale, down from 11 last week.
There are currently 44 pending sales of Palo Alto single family homes, down from 45 last week.
There are currently 11 pending sales of Palo Alto Town homes/Condos, up from 6 last week.
In March of 2013 there were 28 single family Palo Alto homes sold, twice as many as in Feb., ranging in price from $859,000 to $7,650,000. This is a much broader price range than in Feb as well.
In March of 2013 there were 12 Palo Alto Town Homes/Condos sold, 3 times as many as in Feb., ranging in price from $430,000 to $1,600,000. This is also a much broader price range than in Feb.
The inventory has tanked in both single family homes and condos. We have a long ways to go to get into the 40's by May which makes me belive my expectation of an increase in inventory in the late spring/early summer may not happen. If you would like to search for homes for sale please feel free to visit my website for a custom search.
If you have any questions about buying or selling a home in Palo Alto please feel free to contact me.