Not enough inventory, plenty of buyers.
There are currently 39 single family Palo Alto homes for sale up from 29 last week.
There are currently 9 Palo Alto town homes/condos for sale, down from 12 last week.
There are currently 28 pending sales of Palo Alto single family homes, down from 36 last week.
There are currently 11 pending sales of Palo Alto Town homes/Condos, down from 12 last week.
In April of 2013 there were 46 single family Palo Alto homes sold, about 50% more than in March. The prices ranged from $1,050,000 to $10,000,000. No homes under a million is significant.
In April of 2013 there were 9 Palo Alto Town Homes/Condos sold, down 3 from March. The prices ranged from $785,000 to $1,350,000. This is a high starting price point for condos as well.
This week the lowest price listing of a single family home is $1,099,000 which is higher that the lowest priced sale in April. Since most homes get multiple offers and sell higher than list price it is reasonable to expect that the lowest priced sale could be over $100,000 higher than the lowest sale in all of April. In other words, the market is still appreciating.
The inventory of single family homes for sale is better than last week, for the third week in a row which is a good sign. It is a big increase, but since next week-end is Memorial Day Week-end I expect another drop at that time. However, I think that June and July may see weekly homes in the 40's as more sellers seem to coming into the market. 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.