The Palo Alto housing market seems to be on the upswing.
♦ 33 homes have closed escrow since January 1, 2010.
♦ The medium sale price for 2010 is $1,580,000; this is a new record - the second highest medium price was $1,555,000 in 2007.
♦ Inventory is still slightly on the high side with 78 active; 29 listings are listed at 2 Million Dollars or above.
♦ 29 of the 78 active listings were listed last year and are probably overpriced.
♦ The average days on the market for the houses that were listed in 2010 is 9 days and 84 days for all sales.
♦ The average length of escrow was 24 days.
♦ 44 listings are pending as of today.
♦ 11 of the pending listings have list prices of above 2 Million Dollars.
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