We had 15 new listings of single family homes coming on the market last week , as oppose to 10 listings the previous week, 13 listings changed status to pending the same number as of the week before and 10 listings closed escrow as oppose to 7 listings the previous week.
Our inventory remains very low, only 31 listings are active as of today 3/5/2012; demand is higher than supply and most of the listing are still selling with multiple offer situation. A listing on Ortega sold before broker tour and many listings are selling considerably above the asking price.
Please note the deferential in sale price to the list price in sales activity below.
If you are planning to sell your home it is an opportune time to sell.
Following is the detail of the market activity in Palo Alto for last week:
ACTIVE NEW LISTINGS:
CLOSED ESCROW THIS WEEK:
PENDING LISTINGS FOR THIS WEEK: