Archive for the 'First Half Review' CategoryShare
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 »