Not enough inventory, plenty of buyers.
There are currently 16 single family Palo Alto homes for sale down from 24 last week.
There are currently 4 Palo Alto town homes/condos for sale, down from 5 last week.
There are currently 42 pending sales of Palo Alto single family homes, up from 35 last week.
There are currently 8 pending sales of Palo Alto Town homes/Condos, the same as last week.
In March of 2013 there were 28 single family Palo Alto homes sold, twice as many as in Feb., ranging in price from $859,000 to $7,650,000. This is a much broader price range than in Feb as well.
In Feb of 2013 there were 12 Palo Alto Town Homes/Condos sold, 3 times as many as in Feb., ranging in price from $430,000 to $1,600,000. This is also a much broader price range than in Feb.
These numbers are very low, but it was Easter/Passover, so I am not surprised. Let's hope this trend goes up. I still expect an increase in inventory, but possibly not til late spring or early summer till we see a significant difference. What I think is significant is that even though the week;y inventory remains low, the total sales have increased dramatically which means more homes are coming on the market, they are just selling faster.
If you would like to search for homes for sale please feel free to visit my website for a custom search.
If you have any questions about buying or selling a home in Palo Alto please feel free to contact me.