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Archive for the 'Market Trends' Category
2010 REVIEW & 2011 MARKET FORECAST
2011 Local Real Estate Market Forecast
All market factors point to a sharp uptick occurring in local prices during the first half of 2011. Last year, the number of sales, median sales prices, and percentage of list price received were up in almost all areas. In addition, it took less time for a home to sell in most areas. All of these factors are good leading indicators that buyer competition for homes will continue to be strong (barring a major economic shock of some kind) and sales prices will continue to rise.
November Market Snapshot
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 November from the last 10 years and our commentary about what it means to you. If you would like information about another city or neighborhood, we’d be happy to provide it to you.
CHART OVERVIEW:
The charts below show the median sales prices in November, ’01 through ’10, plus the number of home sales each November, and the number of homes on the market on Nov 30th for Palo Alto, Los Altos, Menlo Park and Los Altos Hills. At the bottom of the charts, you will see the “months of inventory” (number of homes for sale divided by the number of sales), plus the average percentage of list price received by sellers during November of each year. Read the rest of this entry »
Slowest Month in Home Sales . . . Not True for Los Altos
On Friday, Real Estate headlines in the area trumpeted the decrease year over year in closed sales for the month of October. The San Jose Mercury News feature article quotes MDA DataQuick President John Walsh as saying the decrease indicates a “hangover from expired home buyer tax credits, which spurred many to buy in the first half of the year.” That’s not exactly accurate in our view. You’ve got to look back at what was going on in the market in 2009. Sales were very slow in the first half of 2009 and continued through the summer. But by early fall, those who had delayed selling or buying, were coming back into the market. So, sales in October 2009 were up. As compared, Santa Clara home sales in October 2010 looked “off” but were right in line with county sales for October 2008.
Robust Fall Market in Los Altos, Palo Alto and Surrounding Towns
The election results are in and so are the Q3 2010 Single Family Home Sales stats. Take a look at the charts below for the communities of the South and Mid-San Francisco Peninsula. All indicators are up: closed sales, inventory, new listings and sales price. Days-on-market is down which means that the best properties are moving fast. Read the rest of this entry »
September 2010 Market Trends
The charts on the next page show the median sales prices for the third quarter of each year, ’01 through ’10.
At the bottom of the charts, you will see the average number of days it took to sell that quarter, plus the average percentage of list price received by sellers during Q3 of each year. Currently we are experiencing a “balanced” market – 2 to 4 months of supply of homes for sale in the Palo Alto / Los Altos area – favoring neither the buyer nor the seller. However, the most attractive – and attractively priced – homes are receiving multiple offers.