Not enough inventory, plenty of buyers.
There are currently 27 single family Palo Alto homes for sale down from 39 last week.
There are currently 4 Palo Alto town homes/condos for sale, down from 9 last week.
There are currently 37 pending sales of Palo Alto single family homes, up from 28 last week.
There are currently 15 pending sales of Palo Alto Town homes/Condos, up from 11 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.
It is Memorial Week-end so this drop was expected. New listings rarely come on the market on holiday week-ends. The fact that all the pending sales are up mean the market is still quickly absorbing homes that do come on the market. 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.