Not enough inventory, plenty of buyers.
There are currently 29 single family Palo Alto homes for sale, down from 35 last week.
There are currently 6 Palo Alto town homes/condos for sale, down from 9 last week.
There are currently 45 pending sales of Palo Alto single family homes, up from 42 last week.
There are currently 7 pending sales of Palo Alto Town homes/Condos, the same as last week.
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 decrease in single family homes for sale, as well as condos. We were in the 40 home range for a few weeks and I hope we get back there again this week. 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.