· Palo Alto Ca Single Family Home Market Update 11-13-09
· As of today this is the snapshot of the Palo Alto single family home market:
83 Active listings
49 Pending sales
So, active listings continue to decrease. Pending sales are also down a little, but only 3 less than the decrease in active listings. Here are the interesting numbers for this week:
Under 1.5 million: Active 31 Pending 37 There are more pending sales than active listings in this group. That is an extremely healthy segment of the market.
2 million to 2.5 million: 5 active and 5 pending sales. This is also a very healthy segment.
Over 2.5 million: 21 active listings and two pending sales. The highest price pending sale is 2.6 million so there are still no pending sales over 2.6 million. This continues the pattern that the high end of the Palo Alto market is dead. There is no arguing this fact, so do not try. Sure, there may be a few off market sales, but in general nothing much is going on over 2.5 million.
My prediction for the upper end market is still the same as last week, and the previous week, and the months before that. I think that we are going to start to see some short sales if the seller’s have overleveraged their homes and need to sell. Banks are starting to streamline the short sale process and the credit hit is not nearly as severe as a foreclosure. Added to that is the fact that the debt relief is not taxed by the feds leads me to believe that we will not see a wave of foreclosures in Palo Alto, but maybe a trickle of short sales if the employment picture does not pick up or if a homeowner needs to leave the area.
· If you are interested in finding the final selling price of any home, anywhere, you can do it on my web site. Go to www.marcymoyer.comand click on Cyberhome Home Valuation. You can then type in any address next to the search icon and get the county records.
If you need anything else please feel free to contact me. I am here to help you.
Marcy Moyer Intero Real Estate