Palo Alto Real Estate - Top 10 Facts March 2022
Image source: Bizjournals.com
How did the Palo Alto housing market do in February 2022?
1. 17 houses were sold in Palo Alto in February 2022, 4 less than what were sold at the same time last year.
2. The median sale price increased over the past year by around $730k, from $3.4M to $4.13M in the same timeframe. That's an increase of over 21% from February 2021 to February 2022.
3. The average square foot price for February 2022 was at $2107, one year ago, it was around $1643. These numbers reflect the true value increases we are seeing in Palo Alto.
4. Days on market also decreased significantly from 30 days to just 7 days over the past year.
Some good news for buyers however is that there were around the same number of new listings in February 2022 vs. the same time last year.
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. February 2022 saw 15% less home sales in Palo Alto than the previous month.
6. There was a 3.5% increase in the median sale price in February 2022 vs. January 2022.
7. Homes sold 2 days faster in February 2022 vs. the previous month.
8. Houses for sale in Palo Alto this month are typically getting offers around 18% over their asking price. Last month this was lower, at 12% over the asking price.
9. We are seeing another month of a very strong seller's market. Prices are increasing both year over year and month to month.
10. Houses are getting sold much faster in Palo Alto this month, selling almost 4 times faster versus 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.
Explore further resources on 3 Steps to prepare your home for sale, 5 ways to attract more home buyers and should I update my home before selling.
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