April is fastest selling month in over 10 years!
Palo Alto, Los Altos, and Menlo Park (west of Bay Rd) continue to be extremely hot markets. This is apparent in the average percentage of list price received by sellers. Sellers received 108.6% of list price in Palo Alto, on average, in April! Buyers are anxious to get into a home in the better areas before they are “priced out”. Most home owners, on the other hand, are in no hurry to sell as they watch their estimated values climb.
The market typically slows for the summer months beginning toward the end of May. Demand normally picks back up in August. And, as long as local consumer confidence remains positive, that’s what we expect will occur this year.
In the charts below, you’ll find 10 years of data for market activity and median sales price in April in Palo Alto, Los Alto, Los Altos Hills and Menlo Park.
You can’t find this level of historical data all in one place anywhere else, so if you have any questions or wish to get more info about your community, don’t hesitate to contact us.