The local housing market showed mixed results for the first semester of this year as Palo Alto’s median sale price increased 10% with average days on the market of 21 days while Menlo Park’s median sale price decreased 4.5% with average days on the market of 25 days and Atherton’s median sale price decreased 17.5% with average days on the market of 43 days. Demand from international buyers has slowed somewhat but we are still seeing multiple offers on many of our listings although the number of offers has decreased.
Set forth in the tables below are the median sales prices, sale to list price ratios and price per square foot for different areas of Palo Alto, Menlo Park and Atherton for the first half of 2017.
2017 Median Sale Price In Palo Alto, Menlo Park and Atherton
2017 Sale to List Price Ratio
2017 Price Per Square Foot for Palo Alto by Areas
2017 Price Per Square Foot for Menlo Park by Areas
2017 Price Per Square Foot for Atherton by Areas
The townhouse and condo market was down. The median sale price in Palo Alto for 2017 decreased from to $1,543,000 in 2016 to $1,472,000 in 2017 and the sale to list ratio was 106.3%. In Menlo Park the median sale price increased from $1,267,000 in 2016 to $1,312,000 in 2017 and the sale to price ratio was 100.4%.
About the same number of homes sold during the first half of 2017 as sold during the first half of 2016. 174 houses sold in Palo Alto (compared to 170 in 2016), 149 houses sold in Menlo Park (compared to 152 houses in 2016) and 44 houses sold in Atherton (compared to 37 houses in 2015).
The current market conditions could be described as follow:
1- Chinese interest in our local real estate market has slowed somewhat but not in Palo Alto.
2- There is an abundance of liquidity in the market from IPOs and mergers and acquisitions.
3- There is a steady increase in the number of new jobs.
4- Consumer confidence and spending is strong.
5- The demand for housing outstrips supply
6- There is low homeowner turnover due to upgrade.
7- The improving economy is drawing buyers back to the housing market.
Here are eight things housing experts expect to see in the next semester: