Home sales are still hot in Palo Alto and multiple offers still rule the market. The house at 2660 Ramona had multiple offers and went way beyond the asking price of $1,375,000. The home on Santa Rita also had multiple offers. Other homes are getting similar responses.
Only 9 new listings came on this week and several of those are priced to sell quickly. 18 homes were placed on the market last week and 8 of those are already pending. There are only 69 single-family homes, condos, and townhouses on the market now which is only about a 2 month supply (this number varies week to week).
The general rule of thumb of offers is 20% over asking price. This applies to most homes priced under $2 million. There are a few homes not selling due to poor location, street noise, etc. If a home isn't selling, it's a pricing issue and represents an opportunity. Call me to discuss the pros and cons of some of these properties.
The hardest neighborhoods in which to find a home include Old Palo Alto and Crescent Park. While there are a lot homes in the high-end, they are taking a while to sell.
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Bryan Robertson, CEO | T: 650.799.9951 | Email: firstname.lastname@example.org | Website: http://www.BryanRobertsonHomes.com |CA BRE# 01191946 | Catarra Real Estate, Inc | 171 Main St #220 | Los Altos, CA 94022