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.
- Los Altos median price jump over last year
- Palo Alto and Menlo Park remain strong
- Los Altos Hills continues to be soft, home on the market for over 100 days
See the charts below for May median sales price for the last ten years in your area. Average number of days on the market appear under the years.
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.