Not enough inventory, plenty of buyers.
There are currently 42 single family Palo Alto homes for sale up from 38 last week.
There are currently 7 Palo Alto town homes/condos for sale, the same as last week.
There are currently 29 pending sales of Palo Alto single family homes, up from 26 last week.
There are currently 6 pending sales of Palo Alto Town homes/Condos, down 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.
We had a nice little increase in inventory this week with an increase in pending sales as well. I believe this trend will continue and we finally hit 42 single family homes for sale as more sellers seem to coming into the market. Now 42 homes for sale is still a strong seller's market, but it is not a ridiculous seller's market. Anything between 40 and 60 is typical seller's market for Palo Alto and over 90 is a buyer's market. I am concerned that as we come on to 4th of July week-end the number of active listings will drop again, but hopefully will pick up after Jully 7th. As you can see, the chances of a buyer's market in the near future look slim, but if we could just have enough inventory that all the serious buyers could eventually win a bid I would be happy and seller's would still reap their appreciation. 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.