James Smythe

It seems disturbing that the MLS gives such a different picture of Palo Alto compared to santa clara county records. Presumably most of the current listings and home valuations are based on the MLS and not directly on records. If the MLS is overstating sales by a factor >8, the 12 homes listed here on trulia for more than 3M are likely to be worth much less than asking price.
Specifically you quoted the property 2051 emerson as being the highest sale last year with a verifiable record at 5.2M. There are seven houses listed for more, one listed at 14.75M, that technically have no verifiable comparable sales.

Is this discrepancy true of other cities and counties besides palo alto/santa clara county?

More importantly how can this discrepancy exist in the first place?

If 45 sales in the MLS are ficticious, they should be removed. - Mon May 12 2008, 16:06