• Palo Alto Real Estate

    April 23, 2010 // Comments Off

    City of Palo Alto
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    One of the anchor cities in the Silicon Valley region, Palo Alto, California, lies in the San Francisco Bay area in northwest Santa Clara County. It is home to several high-tech firms and portions of the famed Stanford University. Though the market for Palo Alto real estate initially suffered some setbacks because of rough market conditions in the real economy, the real estate sector has begun to chart a smoother course and appears to be stabilizing while many surrounding markets remain in fluctuation.

    Santa Clara County Association of Realtors statistics show that in March, there were 51 new listings of Palo Alto homes for sale, putting the inventory at 89. The month saw 27 sales, with homes spending an average of 62 days on the market before closing. The average sales price was $1.65 million while the median price was $1.4 million. Palo Alto condos saw 18 new listings for a total of 45 condos for sale in March. There were 11 condos closed upon, and they spent an average of just 30 days on the market before selling. The average sales price was $650,500 and the median $685,000.

    Palo Alto’s quarterly statistics show improvement. The first quarter of 2010 saw 72 single-family homes sold in Palo Alto, up from just 50 one year ago. There were 26 condos sold in the first quarter, more than double the figure last year — just 12. Homes spent an average of 72 days on the market before selling in 2010′s first quarter, up from 56 a year ago. Condos spent an average of 59 days on the market, down from 65.

    Prices showed encouraging signs as well. The median price for a single-family home sold in Palo Alto in the first quarter of 2010 was $1.43 million, up from $1.28 million a year ago. The median price for condos in the first quarter was $723,750, up from $696,500 in 2009′s first quarter. Single-family homes in the first quarter of 2010 received an average of 98.3% of the listing price, while condos received an average of 96.7% of their listing price.

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    Posted in California