Archive for the 'Commentary' CategoryShare
In Palo Alto, Los Altos and surrounding communities, the residential real estate market continued an upward trend. Even “the Hills” are bouncing back. Supply and demand continued to move back in favor of sellers with multiple offers common and prices rising.
SINGLE FAMILY HOMES
South and Mid-Peninsula Market Snapshot
? 2010 vs. 2011 ?
While the median home sales price for San Mateo and Santa Clara Counties are down from last year, the communities of Los Altos, Palo Alto, Menlo Park, and Los Altos Hills are up! Here are charts for March from 2002 to 2011.
Home sales data for Palo Alto, Los Altos, Los Altos Hills and Menlo Park have recently become available from MLSlistings.com. Here’s a look at data for March from the last 10 years and our commentary about what it means to you. If you would like information about another city or neighborhood, let us know.
In March of 2011 the inventory of single family homes for sale in the Palo Alto / Los Altos / Menlo Park area continued to decline. As (local) consumer confidence improves, home owners are in less of a hurry to sell and buyers are more motivated to buy. Meanwhile, total sales in Los Altos Hills and Palo Alto increased significantly from the past three years. Median sales prices were also up in all four areas.
The market is definitely heating up. In Palo Alto, Los Altos, and Menlo Park the market can now be officially classified as a “Seller’s Market” – meaning that there is less than a two month supply of homes for sale. Los Altos Hills is near to a “Balanced Market” for the first time in four years. Regardless of what may be happening in the rest of the Bay Area and USA, the housing market is definitely alive and well here!
Home sales data for Palo Alto, Los Altos, Los Altos Hills and Menlo Park have recently become available from MLSlistings.com. Here’s a look at data for February from the last 10 years and our commentary about what it means to you. If you would like information about another city or neighborhood, let us know.
As reported in Realty Times, Zillow recently released data showing a year-over-year decrease in national home values of 5%. While the information may be valid for national trends, it isn’t helpful for home owners and buyers. Suggesting that a single, national home value number has any relevance to what is going on in any local real estate market is just silly. In fact, if you look closer at Zillow’s data for Los Altos the town is up 3% over last year. All meaningful real estate statistics need to be segmented as locally as possible.
We invite you to check out our market trends page for accurate local information for Los Altos, Palo Alto, Los Altos Hills, Menlo Park and surrounding areas.