Not enough inventory, plenty of buyers.
There are currently 40 single family Palo Alto homes for sale down from 42 before the 4th of July holiday.
There are currently 7 Palo Alto town homes/condos for sale, the same as before the 4th of July holiday.
There are currently 32 pending sales of Palo Alto single family homes, up from 29 before the 4th of July holiday.
There are currently 7 pending sales of Palo Alto Town homes/Condos, up from 6 before the 4th of July holiday
In June of 2013 there were 29 single family Palo Alto homes sold, a big drop from April and May sales. The prices ranged from $1,141,400 to $5,750,000. No homes under a million is significant. This is getting to be a common occurance in Palo Alto.
In June of 2013 there were 15 Palo Alto Town Homes/Condos sold, a nice increase from earlier in the spring. The prices ranged from $535,000 to $1,521,000. This is not a high starting price point for condos in Palo Alto, but it was ony one bedroom.
We had a nice little increase in inventory this week after a drop down to 24 during the July 4th holiday. I believe this trend will continue as more sellers seem to coming into the market. Now 40 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. 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.