Palo Alto: Market Update 7-6-2007
Palo Alto prices hit another all-time high this week, with the median single family home reaching $2,588,000. The market continues to get hotter, driven primarily by demand in the fourth (lowest priced) quartile of houses, shown by the blue dotted line below. Fourth-quartile houses, which top out at a median price of $1,195,000, stayed on the market for an average of only 13 days, which must be especially challenging for people trying to buy a starter home in Palo Alto.
More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. According to Altos Research, current supply and demand levels show no sign of prices changing from their current trend.
*This data was brought to you by Altos Research, another cool Silicon Valley start-up changing the way we shop for houses.
