The statistics confirm that perception. For example, currently in Palo Alto the listing inventory is at an all-time low of one-half month, the median sale price is at a record high of $1,650,000 (compared to the previous record of $1,552,000 in 2007), the sale to list price ratio is 107.4% and the average days on the market is 24 days. We are seeing more buyers motivated to buy now to take advantage of low interest rates before they head upward, and are also seeing more buyers willing to buy in surrounding areas.
But many sellers remain on the sidelines, awaiting the anticipated spike in prices from the Facebook IPO. While our local real estate will no doubt benefit from Facebook going public, the effect will likely be spread over a more extended period of time, which is what occurred when Google went public in 2004. Most Facebook employees are young and many may not be ready to settle down overnight. Others have already bought homes or are already out looking to buy.
In addition to the very favorable statistics mentioned above, sellers should not dismiss the impact of the current economic recovery, the hiring that we are witnessing in our area, the effect of the historic low interest rates and the likelihood of an increase in the capital gains tax in 2013.
If you want to sell your home now is an opportune time to sell.
Median Sale In Palo Alto For the Last Five Years:
Sale Price To List Price Ratio In Palo Alto: