WEEK IN REVIEW: ACTIVE NEW LISTINGS, PENDING AND SOLD LISTINGS IN PALO ALTO

We had only eight new listings of single family homes in Palo Alto last week as oppose to seven the week before. I was expecting more listings to go on the market last week, this is a signal that our listing inventory will continue to be low this year and buyers will be facing another competitive market  . Four houses changed status to pending as oppose to five last week and two listings closed escrow as oppose to three the week before.

The two listings that closed escrow last week received a high number of offers and sold significantly above the asking price confirming an upcoming strong market for the coming year.

The market remains a seller market, We have only 21 active listings in Atherton, 25 in Palo Alto and 22 in Menlo Park. This is considered a very low inventory. The off mls listings are apperaing again and especially at the upper-end prices.

If you are thinking about selling your home in the next year, it is the time to contact your realtor to establish a plan to sell your home.

Following is the detailed market activity for Palo Alto:

Active : 8
Pending :  4
Sold : 2

ACTIVE NEW LISTINGS:

Address Area	List Price List Date	BR	FBA	PBA	SqFt
1806 MARK TWAIN STREET 238 Green Gables	$1,988,000 2/11/2013	3	3	0	2,564
224 CHURCHILL AVENUE 237 Old Palo Alto	$4,395,000 2/9/2013	4	4	0	3,198
345 OLIVE AVENUE 235 Ventura	$899,000 2/7/2013	2	1	0	801
709 LA PARA AVENUE 232 Barron Park	$2,550,000 2/6/2013	4	3	0	2,621
896 MELVILLE AVENUE 240 Community Center	$5,380,000 2/6/2013	6	6	1	5,400
150 CHURCHILL AVENUE 237 Old Palo Alto	$2,095,000 2/6/2013	4	2	0	2,055
1861 WAVERLEY STREET 237 Old Palo Alto	$5,300,000 2/6/2013	5	6	1	4,850
1935 WEBSTER STREET 237 Old Palo Alto	$6,500,000 2/5/2013	4	3	1	3,009

PENDING LISTINGS:

Address Area	List Price List Date	Sale Price Con. Date	BR	FBA	PBA	SqFt	Close Date
3845 MUMFORD PLACE 233 South Palo Alto	$1,495,000 1/31/2013	N/A 2/6/2013	3	2	0	1,902	2/27/2013
805 COLORADO AVENUE 233 South Palo Alto	$2,498,000 1/30/2013	N/A 2/7/2013	4	3	1	3,351	2/14/2013
1090 LOS ROBLES AVENUE 232 Barron Park	$2,795,000 1/30/2013	N/A 2/8/2013	4	3	1	3,565	2/15/2013
4243 CASHEL STREET 233 South Palo Alto	$1,450,000 1/25/2013	N/A 2/7/2013	3	2	1	1,948	2/15/2013

SOLD LISTINGS:

Address Area	List Price List Date	Sale Price Con. Date	BR	FBA	SqFt	Close Date
2368 SAINT FRANCIS DRIVE 238 Green Gables	$1,499,000 1/10/2013	$1,675,000 1/17/2013	4	2	1,848	2/7/2013
244 BYRON STREET 242 Downtown Palo Alto	$1,998,000 1/9/2013	$2,330,000 1/19/2013	4	2	2,200	2/5/2013