Carol Carnevale • DRE# 00946687 • 650.465.5958
Nicole Aron • DRE# 00952657 • 650.740.7954
As we move toward mid-year, it can be helpful to look back to the First Quarter of both this year and last, as there has been a notable overall improvement in the Peninsula real estate market for single family homes!
Here are the statistics by community:
Period: First Quarter 2009 First Quarter 2010 % Change
# Of Closed Sales: 7 14 100%
Average Sales Price: $2,715,000 $3,857,00 42%
# Of Closed Sales: 27 63 133%
Average Sales Price: $1,607,000 $1,682,000 5%
Los Altos Hills:
# Of Closed Sales: 5 12 140%
Average Sales Price: $4,329,00 $2,229,000 **
** First quarter 2009 data impacted by two significant sales in excess of $7,000,000.
# Of Closed Sales: 50 60 20%
Average Sales Price: $932,000 $1,181,000 27%
# of Closed Sales:
• North Palo Alto 14 22 57%
• All Palo Alto 50 72 44%
Average Sales Price:
• North Palo Alt $1,661,000 $2,152,000 30%
• All Palo Alto $1,452,000 $1,564,000 8%
# Of Closed Sales: 5 9 80%
Average Sales Price: $1,694,000 $1,526,000 -10%
# Of Closed Sales: 5 8 60%
Average Sales Price: $1,993,000 $2,386,000 20%
Based on Multiple Listing Service data. Does not include “off MLS” sales activity.
Return of the Multiple Offer:
Today’s buyers are well-informed and have access to extensive market information via the internet. They are analytical and aware of market trends and, thanks to the knowledge they have, they recognize a good value. Buoyed by their optimism about our local economy and their commitment to our community, they are feeling more confident about their decisions to purchase and are demonstrating a willingness to compete in multiple offers. We are seeing multiple offers up to and including the $3.0 million range in Palo Alto, and in Atherton this past week there was a multiple offer on a home in the $5.0 range!
Effective April 22, 2010 there is a new Environmental Protection Agency (EPA) rule concerning property renovations and lead-based paint. The rule applies to housing built prior to 1978 when the use of lead-based paint was banned and affects renovations performed for compensation. The term “renovation” includes most repair, remodeling and maintenance activities that disturb painted surfaces. The rule requires that “renovators” (such as painters) be certified and, within 60 days prior to commencing a renovation, they are required to give the property owner or occupant a brochure entitled: “Renovate Right: Important Lead Hazard Information for Families, Child Care providers and Schools”.
If you would like further information about this, here is a link to the EPA brochure:
Please do not hesitate to contact us for referrals to our home-related service providers, for any of your real estate needs or, just to say hello. We love hearing from you. We also welcome referrals to your friends and family members with real estate needs.
Enjoy Spring….and the return of the sun!
Carol & Nicole
Alain Pinel Realtors