♦ The local housing saw the highest decline in prices in recent history, with medium home price declining 14% in Palo Alto as the medium price was $1,338,000 (compared to $1,550,000in 2008), Atherton had a 22 % decrease in medium sale price of $2,850,000 (compared to $3,380,000 for 2008) Menlo Park registered a 20% decline as the medium sale price was down from $1,386,000 in 2008 to $1,110,000 in 2009. *
♦ However, the number of home sales did increase in 2009. There were 383 sales in Palo Alto (compared to 356 last year), 69 sales in Atherton (compared to 63 last year) and Menlo Park saw an increase in numbers of sales 309 sales in Menlo Park (compared to 300 sales last year).). The increase is due in part to lower prices of homes for sale and low interest rate. *
♦It is important to keep in mind the long term fundamentals and not ignore the positives in the marketplace-in particular low interest rates, which greatly increase the buying powers and low home prices.
If you have a stable income, it is a good time to buy a home.
*MLS.Source. Reliable but not guaranteed
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