Home prices are continuing to rise around Silicon Valley and buyers are still writing offers, even in what is traditionally a slow time of year. New listings in most markets are selling in their first week and with multiple offers. How far have prices risen?
- Los Altos - Up over 20% in 2012
- Palo Alto - Up over 20% in 2012
If you think the price rises are confined to high-end towns, think again. Downtown Campbell area including the vacinity around the community center and neighborhoods behind Whole Foods is also up over 25% for 2012. In fact, according the a recent article in the San Jose Mercury News, the median home price rose over 20% year-over-year in Silicon Valley.
Low inventory and lack of new inventory are driving the spike in prices. There were only three properties on broker tour this week in both Mountain View and Los Altos. In Palo Alto, there were only four new homes on the market. Many of these are condos and townhouses so single-family home buyers are left to choose from whatever is left on the market. Homes listed last week are being sold (almost every home listed last week has gone pending) and those that remain are either at the very high end of the price range or are still in negotiations.
Current Inventory Levels by City (single family homes and condos)
- Los Altos 29
- Palo Alto 28
- Menlo Park 24
- Mountain View 29
- Cupertino 24
- Saratoga 50
- Los Gatos 64
As a buyer in this market, you need an agent who will look past the current listings to find properties that are coming soon, off-market, unsold, and other options. Give me a call to discuss your needs.
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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