How is the Palo Alto housing market?
How did the Palo Alto housing market go in September?
Year over year, the quantity of homes beings sold each month has actually gone up by 40.7% versus a year ago.
The median price for single family homes in Palo Alto are also up 3.3% vs. one year ago. That's a price point of 3.1M vs. 3M one year ago, so this is pretty healthy for Palo Alto.
The number of active listings were also up at 87 which is 31.8% higher versus the previous year. It's really good to see that Palo Alto is now on the rise, especially given what we've seen earlier this year.
We've also got to look at the month-to-month data. Why? Because looking at year to year is great but with this year that we've just had it's really important to look at it on a bit more of a minute level. Month over month, the median sale price is actually up 7%. The previous month in August had a median price of 2.9M and for September, this has jumped up to 3.1M, so fantastic news for Palo Alto own home owners!
Median days on market was also up to 18 from 15 the previous month, so it's taking a little bit longer to sell homes, however the prices are going up, so not such bad news really. It also gives you a little bit more time to get yourself ready to move!
Okay, now importantly, there were 31% of listings that actually had their listing prices reduced, which means they were priced a little bit high for the market when listed. Including these properties and when you take the whole pool of properties for sale, the selling price ended up at 99% of the list price. For the month prior in August 2020, it was at 100%.
What we're seeing here is that there are more homes on the market, they're being listed a little bit higher but they are subsequently having some price reductions. When the market is changing quickly it needs to be tested and calibrated and this is why you're getting this disparity in the pricing.
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