Only 7 new listings of single family homes were listed last week in Palo Alto as oppose to 16 listings the week before; Listing agents delay listings during a long weekend as Memorial Day Weekend because many buyers are usually out of town and the activity slows down. The total active listings of single family homes on the MLS is now 56 as oppose to 65 the week before.
The market remains a seller market. 16 listings changed status to pending the same number as last week and 11 closed escrow this week as oppose to 10 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:
7
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16
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10
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ACTIVE NEW LISTINGS
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PENDING LISTINGS
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SOLD LISTINGS:
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