05 May, 2011

Palo alto market Update


♦ 148 Single family homes have closed escrow since January 1, 2011 as oppose  to 112 homes for last year.

♦ The medium sale price for 2011 so far is $1,482,000; for last year same period is $1,436,000

♦The average sale price so far this year is $1, 756,000 as oppose to $1,587,000 last year
♦ Inventory is slightly on the the low side with 56 active listings as of today.
♦ The average close of escrow is  is 28 days this year as oppose to 55 days same period of last year.

♦ 38 houses sold this year above 2 million Dollars as oppose to 24 last year

 ♦ 32 houses sold between $1,900, 000 and $1,200,000

♦ The average days on the market is 38 days for sold properties this year.

Conclusion: The upper-end market is more active this year, the number of home sales is up.
The sale price trend is up, inventory is down.
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