PALO ALTO REAL ESTATE MARKET WEEK IN REVIEW

We continue to deplete our active listing inventory selling houses that were listed as far as September with only one new listing coming on the market. Our current inventory is only 26 active listings.

Having tracked the local real estate market since 1993 our activity at this time of the year and the low inventory remind me of  the years when our market reached record high prices following such weak inventory.
Having said that, the market this coming year will hinge not only on the local economic recovery but will have additional pressure from the European economic market and on a solution to the European debt crisis.

We had only one new active listings in Palo Alto this week:

Address Area	List Price List Date	BR	FBA	PBA	SqFt
1710 NEWELL ROAD 238 Green Gables	$1,698,000 12/14/2011	3	3	1	1,878

THIS WEEK PENDING HOUSES:

Address Area	List Price List Date	Sale Price Con. Date	BR	FBA	SqFt	Close Date
169 TASSO STREET 242 Downtown Palo Alto	$1,599,000 11/30/2011	N/A 12/12/2011	4	3	1,972	1/17/2012
2767 GREER ROAD 233 South Palo Alto	$1,150,000 11/16/2011	N/A 12/12/2011	3	2	1,327	12/19/2011
434 FULTON STREET 239 Crescent Park	$995,000 11/15/2011	N/A 11/30/2011	2	1	1,224	1/4/2012
3239 WAVERLEY STREET 234 Midtown	$2,788,000 11/10/2011	N/A 11/18/2011	5	3	3,073	12/16/2011
3170 ROSS ROAD 234 Midtown	$1,600,000 11/2/2011	N/A 11/28/2011	4	2	2,550	1/12/2012
1137 FOREST AVENUE 240 Community Center	$1,325,000 7/6/2011	N/A 12/13/2011	3	2	1,350	1/30/2012

SIX HOUSES CLOSED ESCROW THIS WEEK:

Address Area	List Price List Date	Sale Price Con. Date	BR	FBA	SqFt	Close Date
2051 EMERSON STREET 237 Old Palo Alto	$4,798,000 11/17/2011	$4,850,000 11/23/2011	6	6	5,417	12/13/2011
3197 STELLING DRIVE 233 South Palo Alto	$1,049,000 11/10/2011	$1,220,000 11/16/2011	3	2	1,280	12/16/2011
2390 CARMEL DRIVE 238 Green Gables	$998,000 10/26/2011	$1,100,000 11/2/2011	3	1	1,064	12/9/2011
3110 DAVID AVENUE 233 South Palo Alto	$995,000 10/25/2011	$1,180,000 11/3/2011	3	2	1,820	12/13/2011
1635 ALMA STREET 237 Old Palo Alto	$799,000 10/13/2011	$747,500 12/5/2011	2	1	924	12/15/2011
113 MELVILLE AVENUE 237 Old Palo Alto	$2,249,000 9/7/2011	$2,150,000 11/14/2011	5	4	2,658	12/15/2011