Not enough inventory, plenty of buyers.
There are currently 23 single family Palo Alto homes for sale, down from 28 last week.
There are currently 5 Palo Alto town homes/condos for sale, down from 6 last week.
There are currently 41 pending sales of Palo Alto single family homes, down from 42 last week.
There are currently 4 pending sales of Palo Alto Town homes/Condos, down from 6 last week.
In July of 2013 there were 41 single family Palo Alto homes sold, a big drop from April, May and June sales. The prices ranged from $1,250,000 to $5,495,000. No homes under a million is significant and a higher lowest price than June. This is getting to be a common occurrence in Palo Alto.
In July of 2013 there were 5 Palo Alto Town Homes/Condos sold, a huge drop from June. The prices ranged from $542,000 to $1,230,000. This is not a high starting price point for condos in Palo Alto, but it was ony one bedroom and about the same as last month.
We had decrease in single family homes for sale, and a decrease in condos. We were in the 40 home range for a few weeks and I hope we get back there again in the fall. August is traditionally a low inventory month so I don't expect much in the way of new inventory this month. 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.