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Samia Cullen's Blog

Bay Area Silicon Valley - Mid Penninsula Market Activity and Trends

By Samia Cullen | Home Buyer in Palo Alto, CA

Real Estate Market Update For Palo Alto

Real Estate Market Update For Palo Alto


It Is hard to believe that it is already November, the holidays are upon us and we are already seeing Christmas decorations in stores. Our local housing market strength this year was unprecedented, with new record prices, inventory remaining low and an array of diversified buyers flooding the market.
Sellers are ecstatic. They know that as long as they do not overprice their homes, the
homes will sell with multiple offers as soon as the sellers are willing to listen to offers.
Nonetheless, inventory remained very low in comparison to the demand.
Buyers are encouraged by historic low interest rates, and are feeling more secure in their
jobs because our local economy is doing better.  Reports of rising prices also are prompting buyers to get into the market now. The broad mix of buyers has produced a huge demand
and sparked
a bidding war on almost every listing. Buyers are rushing to preview houses as soon as
they come on the market and writing offers on more than one house before they score a
win. 
As of October 31 the listing inventory For Palo Alto was low with 46 active listings,
which is only a 2.3 
months worth of inventory . The median sale price so far in 2012 was at a record high
of $1,715,000 (compared to the previous year of $1,428,000 in 2011), an increase of 20%. 
The sale to list price ratio was 106.9 % and average days on the market was 21 days.

For further details please click on the following link: http://paloaltoproperties.blogspot.com


 
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