Whether you are a first time buyer or seller, or have been through multiple transactions, you might be surprised by how quickly the real estate market changes in Los Altos, Palo Alto and surrounding communities. You need hard-hitting historical data, current market analysis, and insider experience to stay informed and succeed in these real estate markets.
As a service to their clients, Jeff Stricker and Steve TenBroeck of Alain Pinel Realtors provide regular market analysis and commentary. You are invited to read the entries below, add your comments, ask questions or contact them directly.
May 2011 Market Trends
The local real estate market is hot!
Inventories of homes for sale continued to decline in April & May while competition for the best properties in all price ranges increased fiercely. Over-bidding, all-cash offers, as-is terms, no contingencies, these were all commonplace terms in many of the sales over the past few months.
Local consumer confidence is still riding high, based on the success of our local companies, and in spite of the non-stop negative economic news both nationally and internationally. How long this can continue is anyone’s guess, but for the moment it’s certainly a “Seller’s Market”.Share
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 ?
The economic recovery has certainly gained traction on the San Francisco Peninsula & Silicon Valley! The Conference Board reported a decline in March, “The Conference Board Consumer Confidence Index®, which had increased in February, declined in March. The Index now stands at 63.4 (1985=100), down from 72.0 in February”, but broken down by region, consumer confidence in the Western U.S. was up significantly while confidence was down significantly in the eastern U.S.
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!