Archive for the 'First Half Review' Category
SF Peninsula & Silicon Valley: Mid-Year 2015 Compared to Last Year and Five Years Ago
A SLOWING MARKET?
Some real estate commentators have reported that the current market has “changed”. The market is always changing as it cycles through the year. Many people are surprised to find out that from mid-June to the end of July is normally the second slowest part of the year after the winter holidays. Children get out of school and families travel, as we have become more and more like Europe in how we vacation. So currently there is a slight reduction in market activity. Properly priced homes are still receiving multiple offers, albeit with a slightly reduced number of offers per home. Most homes continue to sell for well over the asking price. And inventory remains low in the communities below.Share
Record Median Sales Prices in Palo Alto, Menlo Park and Los Altos Hills
If you’re a seller in today’s market in the Palo Alto / Los Altos greater area, you’ve got to be ecstatic about our local real estate recovery. Year over year median sales prices were up in August by 16% in Los Altos, up 24% in Palo Alto and Menlo Park, and up 36% in Los Altos Hills!Share
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.
Days on Market Down. Median Prices Up.
Looking back 10 years, the charts in the slide show below show median sales price, average days on market, and average % asking price received for the communities of Atherton, Hillsborough, Woodside, Portola Valley, Menlo Park, Palo Alto, Los Altos, Los Altos Hills, Mountain View, Sunnyvale, Cupertino and Saratoga. Read the rest of this entry »