13 new listings of single family homes were listed last week in Palo Alto as oppose to 12 listings the week before. The total active listings of single family homes on the MLS is now 56 as oppose to 55 the week before.
Although our inventory is better, houses are still selling at significantly higher prices than last year. The median sale price so far for 2012 is $1,702,000 as oppose to $$1,428,000 for 2011. A whopping 19% above last year.
12 listings changed status to pending as oppose to 10 last week and 10 closed escrow this week as oppose to 14 listings the previous week.
Please note that all listings sold significantly above asking price but one listing, it is worth noting that the number of multiple offers are going down.
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