The Palo Alto Real Estate Market continues its recovery; as of April 19, 2010 we have 61 active listings on the market , 26 of the listings are between $1,000,000 and $1500,000 and 21 listings are at $2,000,000+. Our inventory is low in comparison to last year and buyers are out in force looking for good values.
So far this year we had 61 sales in Palo Alto as oppose to 91 sales for the same period in 2009 and 53 houses are pending.
Although the number of sales this year is lower than last year the medium sale price for this year is so far $1,535,000 as oppose to $1,325,000 for last year.
There is a noticeable recovery for properties listed above 2 millions, 19 properties closed escrow this year as oppose to 12 listings last year.
The average days on the market for 2010 is 60 days as oppose to 42 days last year.
If you are looking to buy a home this is a good time to buy before the market fully recovers.
For further information about the market, please contact Samia: (650) 384-5392