Not enough inventory, plenty of buyers.
There are currently 45 single family Palo Alto homes for sale, up from 23 last month.
There are currently 9 Palo Alto town homes/condos for sale, up from 5 last month.
There are currently 28 pending sales of Palo Alto single family homes, down from 41 last month.
There are currently 13 pending sales of Palo Alto Town homes/Condos, up from 4 last month.
In Aug of 2013 there were 43 single family Palo Alto homes sold, just 2 less than in July. The prices ranged from $980,000 to $5,400,000. This is the first sale under a million dollars since last spring.
In August of 2013 there were 7 Palo Alto Town Homes/Condos sold, 2 more than in July. The prices ranged from $550,000 to $1,700,000. This is not a high starting price point for condos in Palo Alto, but it was only one bedroom and about the same as last month.
August is traditionally the lowest month for inventory in Palo Alto so I skipped a few weeks of tracking. Hopefully we will not fall back into weeks of only a few homes for sale. 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. While right now the number of pending sales in low, I am not concerned this means a a crash is coming. I believe it is due to the very low number of homes for sale in August. 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.
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