Looking back at this spring and summer, and now fall ... talking with buyers, the spring increase in the number of houses seemed to come later this year than normal. Buyers were definitely feeling competitive pressure when they could find homes they liked.
The number of homes sold during the first quarter of 2012 in Palo Alto was the lowest it has been since 1998. The number of homes sold during the second and third quarters of 2012 were comparable to the same quarters in 2010 and 2011.
Home sales prices climbed dramatically in the first quarter of 2012 and have stayed high. With 40 single family homes listed for sale during the Thanksgiving week, the number of homes offered isn't dramatically different but the listing prices are. The lowest priced home listed is $1.38M. There are only 5 single family houses offered below $1.5M
If you look at sales price vs list price, this year has been another strong year for sellers. If you look at days on market, Palo Alto homes are selling about as quickly as they ever have and aren't showing signs of slowing.
How much of this year's benefits for sellers were due to facebook's IPO? It may well have caused people to delay offering their homes for sale but what stands out is that 418 homes have been sold in 2012 vs 418 homes during the same period in 2011, yet prices climbed dramatically.
Juliana Lee, MBA LLB
Top 3 agent nationwide at Keller Williams Realty