Over the next few days we will be sharing the first half numbers for many of the communities where we work. Today’s report addresses the Palo Alto market. We are providing an overall look at the City and a separate “break-out” for North Palo Alto, which includes the neighborhoods of Downtown, Professorville, Crescent Park, Community Center, Green Gables and Old Palo Alto.
The numbers continue to be impressive!
Inventory remains low and most homes continue to sell in multiple offers. Many buyers are in a position to pay “all cash” and offer sellers “as is” terms.
Based on Multiple Listing Service (MLS) data, here are some of the key market indicators for single family residential sales:
ALL PALO ALTO
The Median Sales Price averaged $2,666,000 through June 2015, up from $2,410,000 in 2014, representing an increase of 11%.
Other favorable market trends include the YTD Average Days on Market, which is 18, up slightly from the 2014 average of 17. The YTD Sales Price to List Price Ratio remains at 111%.
NORTH PALO ALTO
Similarly, the trends in North Palo Alto remain strong.
The Median Sales Price averaged $3,525,000 through June 2015, up from $2,878,500 in 2014, representing an amazing increase of 22%!
The YTD Average Days on Market rose to 21, up from the 2014 average of 15. The YTD Sales Price to List Price Ratio decreased to 107.75% compared to the 2014 average of 113.6%.
Looking ahead at the year we expect the same strong market trends to continue. Buyers are attracted to Palo Alto’s wonderful community, beautiful neighborhoods, the outstanding public schools and the proximity to Stanford University.
If you would like a more in-depth look at the market we invite you to check out the neighborhood statistics section of our website.
If you prefer a more personal approach, please contact us to arrange an appointment.
We have worked in these neighborhoods for almost 30 years so we know the market, and it would be a pleasure to be of service to you.