Carol Carnevale • DRE# 00946687 • 650.465.5958
Nicole Aron • DRE# 00952657 • 650.740.7954
This past week David Streitfeld of the New York Times wrote an article entitled “Housing Market Plunged in July, Fueling Anxiety” which was also printed in the local San Jose Mercury News. Streitfeld utilizes statistics provided by the National Association of Realtors and comments about the reaction of financial markets in response to a 25.5 percent decline in sales from July 2009 to July 2010. Read more here…
We are lucky to live in our local Peninsula communities where we enjoy a diverse economic base, interesting neighborhoods, renowned public schools, and an entrepreneurial and creative population.
While the national real estate news may be grim, our local markets are actually doing quite well. Here are some graphs reflecting real estate activity in three of our local communities:
|Palo Alto||July 2009||July 2010||Change|
|# of Houses for Sale||115||99||-14%|
|# of Pending Sales||31||50||61%|
|# of Closed Escrows||40||42||5%|
|# Months Inventory||2.9||2.4||-17%|
North Palo Alto
|North Palo Alto||July 2009||July 2010||Change|
|# of Houses for Sale||54||32||-41%|
|# of Pending Sales||10||21||110%|
|# of Closed Escrows||16||22||38%|
|# Months Inventory||3.4||1.5||-56%|
|Los Altos||July 2009||July 2010||Change|
|# of Houses for Sale||92||71||-23%|
|# of Pending Sales||20||30||50%|
|# of Closed Escrows||30||38||27%|
|# Months Inventory||3.1||1.9||-39%|
|Menlo Park||July 2009||July 2010||Change|
|# of Houses for Sale||107||100||-7%|
|# of Pending Sales||19||36||89%|
|# of Closed Escrows||29||39||34%|
|# Months Inventory||3.7||2.6||-30%|
So, while our markets remain price sensitive, they are healthy: inventory levels are down and number of sales are up! ….and for anyone who is considering purchasing a home, rates are at astounding lows!
Let us know if we can be a resource for your home-related needs. We are happy to share the names of our trusted vendors.
We hope that you will help spread this good local news to your friends and neighbors!
Carol & Nicole