Submit Feedback
Member Login
Blogs Homepage
Featured Entries
Recent Entries
Recent Comments
Tags
My Starred Entries
Create A BlogPalo Alto Ca Single Family Home Market Update 10-25-09 |
Posted at Silicon Valley Real Estate by Marcy Moyer
Oct. 25, 2009
Tagged with: homes for sale palo alto, menlo park probate realtor, menlo park short sale realtor, menlo park trust realtor, mountain view short sale realtor, palo alto market update, palo alto probate realtor, palo alto short sale realtor, palo alto trust realtor, pending sales palo alto
· Palo Alto Ca Single Family Home Market Update 10-25-09
· As of today this is the snapshot of the Palo Alto single family home market:
93 Active listings
61 Pending sales
What does this mean? Inventory has decreased again, down to a more favorable number for sellers, especially in the under 1.5 mil range, and pending sales are up. To me the big news is that between Sept. 1, 2009 and Oct 10, 2009 there were 43 single family home sales on MLS. Of these, three homes sold over $2,000,000 and 40 sold under $2,000,000. That is not good news for sellers in the over 2 million market. That segment has a long way to go before we see any real recovery. However, as of today there are 8 pending sales between $2,089,000 and $2,198,000 which is good for that segment. There are still only 4 pending sales over 2.2 and the 49 remaining pending sales are all under 2 million. My prediction for the upper end market is that we are going to start to see some short sales if the seller’s have overleveraged their homes and need to sell. Banks are starting to streamline the short sale process and the credit hit is not nearly as severe as a foreclosure. Added to that is the fact that the debt relief is not taxed by the feds leads me to believe that we will not see a wave of foreclosures in Palo Alto, but maybe a trickle of short sales if the employment picture does not pick up or if a homeowner needs to leave the area.
· If you are interested in finding the final selling price of any home, anywhere, you can do it on my web site. Go to www.marcymoyer.comand click on Cyberhome Home Valuation. You can then type in any address next to the search icon and get the county records.
If you need anything else please feel free to contact me. I am here to help you.
Marcy Moyer Intero Real Estate
650-619-9285
DRE 01191194
Word of the Day
Ask the Experts
Question of the Day
Member Login
Join RealTown
Request Password
RealTown RSS Feed
1. RE: Palo Alto Ca Single Family Home Market Update 10-25-09
Very useful data and I think I'll look for more areas that have someone doing this sort of analysis. If I cannot find any then I'll try and put something together for the South Bay cities.
The data suggests the RE market at least in Palo Alto is rising again.