Not enough inventory, plenty of buyers. Only the problem, like the drought is getting worse.
There are currently 25 single family Palo Alto homes for sale, up from 21 last week
There are currently 3 Palo Alto town homes/condos for sale, down from 6 last week.
There are currently 20 pending sales of Palo Alto single family homes down from 21 last week.
There are currently 10 pending sales of Palo Alto Town homes/Condos up from 9 last week.
Last week there were 11 new Palo Alto single family home listings and 1 new Palo Alto condo listings. That is a jump over the last 2 weeks and hopefully a tred.
In Feb. of 2014 there were 17 single family Palo Alto homes sold. The prices ranged from $1,225,000 to $6,0000,000. The lot on the 1.2 mil sale was less than 3000 square feet. Of the 17 sales only 9 were all cash which is not a healthy sign that the sales of Palo Alto homes are not being purchased by foreign investors. However, most of the cash sales were wither at the very high end or tear downs so that is not too unusual.
In Feb. of 2014 there were 4 Palo Alto Town Homes/Condos sold, The prices ranged from $1,255,000 to $1,410,000. Two of these sales were financed and 2 were cash. One of the cash sales was for a condo in a senior development so it is typical for there not to loans on those.
Traditionally the market picks up in March and April and we are seeing flickers of that. Anything between 40 and 60 is typical seller's market for Palo Alto and over 90 is a buyer's market. As you can see, the chances of a buyer's market in the near future look slim, but if we could just have enough inventory that all the serious buyers could eventually win a bid I would be happy and seller's would still reap their appreciation. If you would like to search for Palo Alto homes for sale please click here.
If you have any questions about buying or selling a home in Palo Alto please feel free to contact me.
Ca B.R.E. 01191194