Not enough inventory, plenty of buyers.
There are currently 36 single family Palo Alto homes for sale up from 27 last week.
There are currently 7 Palo Alto town homes/condos for sale, up from 4 last week.
There are currently 36 pending sales of Palo Alto single family homes, down from 37 last week.
There are currently 11 pending sales of Palo Alto Town homes/Condos, down from 15 last week.
In May of 2013 there were 42 single family Palo Alto homes sold, about 4 less than in April. The prices ranged from $975,000 to $6,974,000. There were 2 homes under a million, unlike in April when there were no sales under a million.
In May of 2013 there were 12 Palo Alto Town Homes/Condos sold, up from 7 March. The prices ranged from $541,000 to $1,358,000. The condo for $541,00 was a one bedroom.
This week the lowest price listing of a single family home is $1,088,000 which is higher that the lowest priced sale in May. Since most homes get multiple offers and sell higher than list price the market is still appreciating.
It is the week after Memorial Week-end so this increase was expected. New listings rarely come on the market on holiday week-ends. The fact that all the pending sales are down is from the lack of new inventory over memorial week. 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.