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.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
Summer Sizzles in the Hills
While the number of homes for sale in Los Altos Hills was up by 30% from a year ago, sales were up by 50%! In fact, there were more sales (16) in July than in any other month of July in over 15 years.
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.Share
POST FACEBOOK IPO; SPRING JUMP IN INVENTORY
The number of new listings of homes for sale jumped in May. Many sellers had been waiting for the highly publicized launch of Facebook’s IPO to put their homes on the market. Fortunately for those sellers, the standing pool of buyers was deep enough to keep prices high in spite of the surge in new inventory. How long the number of buyers will keep up with the bump in supply is anyone’s guess. We believe it will have mostly to do with consumer confidence, as always. However, if we were planning to sell within the next year, we’d would do it sooner rather than later. Read the rest of this entry »Share
April is fastest selling month in over 10 years!
Palo Alto, Los Altos, and Menlo Park (west of Bay Rd) continue to be extremely hot markets. This is apparent in the average percentage of list price received by sellers. Sellers received 108.6% of list price in Palo Alto, on average, in April! Buyers are anxious to get into a home in the better areas before they are “priced out”. Most home owners, on the other hand, are in no hurry to sell as they watch their estimated values climb.
The market typically slows for the summer months beginning toward the end of May. Demand normally picks back up in August. And, as long as local consumer confidence remains positive, that’s what we expect will occur this year.
In the charts below, you’ll find 10 years of data for market activity and median sales price in April in Palo Alto, Los Alto, Los Altos Hills and Menlo Park.
You can’t find this level of historical data all in one place anywhere else, so if you have any questions or wish to get more info about your community, don’t hesitate to contact us.