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Elena Talis' Blog

By Elena Talis | Broker in Palo Alto, CA

Palo Alto November Median Home Price is up 20% from Last Year on Increased Volume

Property Sales November property sales were 45, up from 39 in November of 2011 and 2.3% higher than the 44 sales last month. November 2012 sales were at a mid level compared to November of 2011 and 2010. November YTD sales of 430 are running -0.2% behind last year's year-to-date sales of 431.

Prices The median sales price in November was $1,670,000, up 20.1% from $1,390,000 in November of 2011 and down -9.3% from $1,841,500 last month. The average sales price in November was $1,853,122, up 5.4% from $1,758,596 in November of 2011 and down -16.8% from $2,226,693 last month. November 2012 ASP was at highest level compared to November of 2011 and 2010.

Inventory & MSI The total inventory of properties available for sale as of November was 34, down -34.6% from 52 last month and down -10.5% from 38 in November of last year. November 2012 Inventory was at the lowest level compared to November of 2011 and 2010.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2012 MSI of 0.8 months was at its lowest level compared with November of 2011 and 2010.

Market Time The average Days On Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer's market, a downward trend a move towards more of a seller's market. The DOM for November was 20, down from 25 days last month and down from 31 days in November of last year. The November 2012 DOM was at its lowest level compared with November of 2011 and 2010.

Selling Price Per Square Foot The selling price per square foot is a great indicator for the direction of property values. Since median sales price and average sales price can be impacted by the 'mix' of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values. The November 2012 selling price per square foot of $940 was down -9.2% from $1,035 last month and up 8.9% from $863 in November of last year.

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