The Palo Alto, CA real estate market continues to be strong in July with only a few interesting exceptions. There were 46 single-family homes sold in Palo Alto last month, up 1 from June, with an average selling price of $2,016,293. Prices continue to rise as sales hold steady going into the school year. There were 55 new listings, up sharply, and only one expired listing.
A few interesting stats for this Palo Alto market update:
- Days on market: 21 (down from 24 last month)
- Months of inventory: 2 (unchanged)
The remaining inventory from July is getting sold but there are several homes that have come on and not sold, even accounting for price adjustments With properties selling quickly, the issue must be price. Two that stand out include the property on Santa Rita priced at $2.45M and the home on West Meadow priced at $2.198M. There are several other properties across the spectrum of price ranges that are holding out.
The number of homes sold actually rose slightly which is significant compared to last year when sales and prices fell. This indicates that prices will hold firm going into August rather than dropping.
Competition is still strong with properties in the hottest price ranges receiving mulitple offers. There is very little off-MLS inventory, extremely little expired inventory, and almost no bank owned or foreclosure property to pursue. Buyers are left with few options but to choose from on-MLS inventory.
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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