Palo Alto Housing Market – Third Quarter 2010 Update
by Alex Wang on Oct 26, 2010 | No Comments »
| Palo Alto | 3rd Quarter 2010 | 2nd Quarter 2010 | 1st Quarter 2010 | 3rd Quarter 2009 |
|---|---|---|---|---|
| Median Sales Price | $1,385,000 | $1,468,000 (-5.7%) | $1,436,785 (-3.6%) | $1,298,000 (+6.7%) |
| Average Days on Market | 35 | 36 (-5.3%) | 65 (-46.2% | 57 (-38.6%) |
| Closed Sales | 119 | 123 (-3.3%) | 72 (+65.3%) | 111 (+7.2%) |
| Sales Price to List Price Ratio | 101.26% | 99.91% (+1.4%) | 98.33% (+3%) | 96.81% (+4.6%) |
| Total Sales Volume | $183,524,813 | $205,188,388 (-10.6%) | $112,621,878 (+63%) | $157,372,155 (+16.6%) |
(single-family home data from MLS listings Inc.)
Palo Alto really established itself this quarter as a market leader. Compared to the third quarter in 2009, Palo Alto has improved in all five measures. This quarter Palo Alto jumped its selling price to listing price ratio ahead of the other three cities in our comparison to 101.26%, turning it into a seller’s market. Though, what this means for future home prices or the market is anybody’s guess as we enter the winter quarter.
The average days on market in Palo Alto remains the lowest of our four cities at 35 days, a drop from 57 days for the same period last year. Palo Alto also has the highest total sales volume, even though it has the second smallest population in our comparison. This is due to the wide range of property values available in Palo Alto, from just under a million to the many millions.
Categories: Market Updates, Palo Alto, Silicon Valley News
