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.
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.
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 »
If you need a burst of energy this week, step outside and enjoy the fall colors – magnificent.
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.
AUGUST SNAPSHOT: As in July, the number of homes selling with multiple offers (over asking price) continued to increase. All-cash offers continued to be common. Buyers are still picky, however, and cautious to not over-pay. They generally pursued homes with the fewest defects and least amount of work needed to be done (unless they believed they were receiving a significant discount for those perceived deficiencies).