Palo Alto: Snapshot

Since we lost our Palo Alto maven, we have been woefully remiss in reporting on one of the most stable markets on the Peninsula. Checking in on this popular burg, we find that no homes have been listed in the last 7 days, only 3 have been listed in the last 14 days, and, remarkably, one of those is under $1mil. The three newbies are:

3217 Greer Road, 3/1, 1004 sf, 5662 sf lot, $920,000
2719 Greer Road, 4/3, 1974 sf, 6098 sf lot, $1,395,000
859 Lytton Avenue, 4/2.5, 2710 sf, 5460 sf lot, $1,495,000

Almost exactly two months ago, we provided a real-time market profile on Palo Alto, courtesy of Altos Research. Comparing the information then to now, this is what we find:

Median Home Price: —Then $1,998,000; Now $2,200,000.21048203.jpg

Least Expensive Listing—Then $479,950; Now $499,950

Most Expensive Listing—Then $8,250,000; Now $29,850,000

Average Price Per Square Foot—Then $875/sf; Now $935/sf

Average Days on Market—Then 72; Now 25.85

Total Inventory—Then 48; Now 41

Market Action Index (barometer of supply and demand)—Then 31 (Warm Seller’s Market); Now 33.3 (Warm Seller’s Market)

So, it appears there is still some stability (and dare we say prosperity) in this town, with the market action remaining even, inventory not wavering too much, average DOM going down, and both median home price and square foot price going up. Looks like it’s a happy holiday season for Palo Alto homeowners, while much of the rest of the Peninsula is crying in its eggnog.