Not enough inventory, plenty of buyers. Only the problem, like the drought is getting worse.
There are currently 14 single family Palo Alto homes for sale, up from 12 last week
There are currently 7 Palo Alto town homes/condos for sale, up from 3 last week.
There are currently 17 pending sales of Palo Alto single family homes up from 12 last week.
There are currently 5 pending sales of Palo Alto Town homes/Condos the same as last week.
Last week there were 6 new Palo Alto single family home listings and 5 new Palo Alto condo listings.
In January of 2014 there were 11 single family Palo Alto homes sold. The prices ranged from $1,601,444 to $4,100,000. A low of 1.6 million is a historic high for Palo Alto single family home sales. Of the 11 sales only 4 were all cash which is a healthy sign that the sales of Palo Alto homes are not being purchased by foreign investors.
In January of 2014 there were 2 Palo Alto Town Homes/Condos sold, The prices ranged from $740,000 to $1,150,000. Both of these sales were also financed.
Traditionally the market picks up after Super Bowl week-end so my hopes are pinned on that. First week Post Superbowl did show a flicker of activity in single family homes listing and a nice bump in condo listings. 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 Palo Alto homes for sale please click here.
If you have any questions about buying or selling a home in Palo Alto please feel free to contact me.
Ca B.R.E. 01191194