Palo Alto Homes and Real Estate Sales
The Palo Alto real estate market is one of the most dynamic in the United States. Whether you are buying or selling a home, you need to be armed with the facts so that you can make quick, informed decisions about the purchase or sale of homes.
There are thirteen distinct neighborhoods in Palo Alto, and within them some smaller communities that have unique characteristics such as a common original developer. North Palo Alto includes the neighborhoods of Downtown, Professorville, Community Center, Crescent Park, Green Gables and Old Palo Alto. South Palo Alto includes College Terrace, Ventura, Midtown, South Palo Alto, Green Acres and Barron Park. The Palo Alto Hills neighborhood has larger parcels of land and is more remote. There are a variety of home styles and no matter where you live in Palo Alto, there is a great sense of community.
Real Estate Market Facts
Some key market indicators based on Multiple Listing Service statistics for Single Family Homes in Palo Alto through first half 2017 are:
- Median Price of Homes Sold: $2,795,000
- Average Days on the Market for a Home to Sell: 21 Days
- Sale Price of Home to List Price of Home: 106.9%
A unique aspect of home ownership in Palo Alto is the solid appreciation seen over the years. The average home price in 2006 was $1,332,559, and at year-end 2016 it is an astounding $2,993,170!
For homeowners who prefer shared maintenance, there are a number of condominium and townhome options located throughout Palo Alto. For 2016 the statistics are as follows:
- Median Price of Condos/Townhouses Sold: $1,505,000
- Average Days on the Market for a Condo/Townhouse to Sell: 26 Days
- Sale Price of Home to List Price for Condos/Townhouses: 104.5%
Just as with Single Family homes, condominiums and townhouses have also enjoyed excellent appreciation. The average price in 2006 was $724,041 compared to $1,502,321 in 2016.
No matter your housing preference, Palo Alto offers a wide array of housing options and styles.
Quality of Life
We are often asked about the factors that drive this remarkable real estate market. Of course, there is the underlying economic principle of supply and demand, but beyond that people continue to be attracted to Palo Alto for its:
- Award-winning unified school system, grades K-12, including two highly ranked high schools, two alternative elementary schools and both Spanish and Mandarin immersion programs.
- Proximity to world-renowned Stanford University.
- Vibrant downtown area featuring a wide variety of boutiques and an international array of restaurants.
- Progressive, inclusive population. Often leading the way with sound environmental lifestyle programs, Palo Alto was the first city in the United States to create a bicycle boulevard and it actively promotes a Zero Waste program throughout the City. Palo Alto recently opened Magical Bridge Playground designed for children with varying physical and cognitive needs.
- Diversity of population including world-changing entrepreneurs who abound with creativity and who inspire others by their indomitable spirit.
- Technology culture with deep start-up roots including Facebook, Tesla, HP, VMware, and Intuit, to name a few.
Palo Alto is truly the city where anything is possible!
Navigating the Palo Alto market requires knowledge and understanding. We can provide you with the facts you need and additionally, based on over 30 years of experience selling homes in Palo Alto, we have deep roots and connections that we can leverage for you in creative ways. Some of the most gratifying real estate experiences have been presenting opportunities for our clients, both sellers and buyers, based on personal connections and knowledge of the real estate market.
Contact us to put our knowledge and creativity to work for you!