Not enough inventory, plenty of buyers.
There are currently 30 single family Palo Alto homes for sale, down from 33 last week.
There are currently 6 Palo Alto town homes/condos for sale, the same as last week.
There are currently 37 pending sales of Palo Alto single family homes, up from 34 last week.
There are currently 10 pending sales of Palo Alto Town homes/Condos, down from 15 last week.
In Sept of 2013 there were 29 single family Palo Alto homes sold, 15 less than in Aug. The big drop in solds is a reflection of the decrease in inventory that always happens in August. The prices ranged from $595,000 to $4,325,000. This is the first sale under a million dollars since last spring. The $595,000 sale was a weird anomoly of a tear down house on a small lot on Alma. The next lowest price house was $1,070,00.
In August of 2013 there were 7 Palo Alto Town Homes/Condos sold, the same as August. The prices ranged from $900,000 to $1,650,000. This is a very a high starting price point for condos in Palo Alto, but none of the condos in the traditionally lower priced complexes were 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 are higher than last week and the active listings are down. Well the government did shut down, but is not having a effect on the market this week. I am more concerned with what could happen if we default on our debt, but I really do not believe that will happen. 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.
- See more at: http://activerain.com/blogsview/4207437/palo-alto-ca-real-estate-market-update-9-30-2013#sthash.9g6d3ibp.dpuf