Palo Alto Real Estate - Top 10 Facts February 2022
Image source: Patch.com
How did the Palo Alto housing market do in January 2022?
1. 20 houses were sold in Palo Alto in January 2022, exactly the same as the previous year's data for January 2021.
2. However, the median sale price increased over the past year by over $1M, from $2.88M to $3.99M in the same timeframe. That's an increase of around 39% in just one year!
3. The average square foot price is now over $2000 whereas one year ago, it was around $1700. These numbers are are true reflection of the competition buyers face to buy houses in Palo Alto.
4. Days on market also decreased significantly from 25 days to just 9 days over the past year.
There were slightly less new listings to market in January which shows a further tightening of Palo Alto housing stock.
Buyers looking at houses for sale in Palo Alto, learn how to buy a house in under 30 days.
For an up to date look at how the market is pacing, let's look now at the monthly data.
5. January 2022 saw 44% less home sales in Palo Alto than the previous month.
6. There was a 2% increase in the median sale price in January 2022 vs. December 2021.
7. Median days on market was consistent for both months at 9 days, a pace we have become accustomed to in recent months.
8. Houses for sale in Palo Alto are typically getting offers around 12% over their asking price. In December last year, this was marginally lower at 9% over the asking price.
9. What we are seeing here is very clearly a strong seller's market. Minimal housing stock, rising prices, interest rate hikes continuing to loom, leading buyers to flock to market.
10. Overall, houses for sale in Palo Alto are selling in 42% less time vs one year ago.
If you are thinking of selling your Palo Alto home, please reach out to me as I would love to assist you in this fast paced and complex real estate market. I pride myself on great presentation of properties, winning negotiations and responsive communications to ensure a truly VIP service.
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