The local housing market stabilized this year with prices mostly leveling off after reaching
stratospheric valuations. Demand from international buyers has slowed down but we are still
seeing multiple offers on many of our listings although the number of offers has decreased.
The current local real estate market appears to be a healthier and more balanced one.
The median sales price for a single family home in Palo Alto decreased so far this year
to $2,560,000, a decrease of 4.1% . The sale to list price ratio is 103.9% as opposed to
113.8% in 2015 and the average days on the market is 23 days as opposed to 13 days in
the first half of 2015.