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Archive for the 'Commentary' Category
2012 Mid-Year Report: Prices Are Rising, Owners Are Staying Put
The first half of 2012 was a terrific time for home owners in our area!
The supply of homes for sale was low while demand was high. Supply is primarily driven by consumer confidence. Since most owners in our area do not “need” to sell, they tend to want to sell when they think the value of their home may decline. Conversely, if they believe that values are rising, they tend to put off selling. This is what is occurring now. Prices are rising. Owners are staying put.
May 2012 Market Snapshot – Surge in New Listings!
SharePOST FACEBOOK IPO; SPRING JUMP IN INVENTORY
The number of new listings of homes for sale jumped in May. Many sellers had been waiting for the highly publicized launch of Facebook’s IPO to put their homes on the market. Fortunately for those sellers, the standing pool of buyers was deep enough to keep prices high in spite of the surge in new inventory. How long the number of buyers will keep up with the bump in supply is anyone’s guess. We believe it will have mostly to do with consumer confidence, as always. However, if we were planning to sell within the next year, we’d would do it sooner rather than later. Read the rest of this entry »
ShareApril 2012 Market Snapshot – Fastest Selling Month in Over 10 Years!
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.
March Snapshot – “Over Asking” is the New Normal
Spring Fever is Here
In the charts below, you’ll find 10 years of data for market activity and median sales price in March in Palo Alto and Los Altos.
The big takeaways are:
- Over Asking is the new normal. Average list price received in Los Altos was 102.7%. Menlo Park was 101.2%. Palo Alto continues to defy gravity at 108.8%.
- 14 Days – that’s the average days it took for a home to sell in Palo Alto. The lowest since we started tracking the data over ten years ago. Menlo Park was 19 Days — a whopping 33 days fewer than March 2011.
- Fewer new listings in Palo Alto – less desirable properties are also getting snatched up.
- More new listings in Los Altos – it’s becoming a great alternative to Palo Alto for many buyers.
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.
February 2012 Real Estate Market Snapshot
It’s Hockey Season! Prices continue to go sky high in Palo Alto and the surrounding communities. And the inventory of homes on the market continues to be as low as the rainfall this winter. This is making for even more multiple, over-the-asking-price, offers.
In the charts below, you’ll find 10 years of data for market activity and sales price in February in Palo Alto, Los Altos, Los Altos Hills and Menlo Park. We also compiled information about Condos and Townhomes in Palo Alto this month. Given that the average sales price of a single family home in Palo Alto is inching toward $2M, attached homes are becoming an attractive and affordable alternative. 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.