Health & Fitness
March 2013 — Palo Alto Median Price Stays Over $2M Mark
The Palo Alto Alto real estate market has firmly stepped into $2M territory.
The Palo Alto Alto real estate market has firmly stepped into $2M territory. While the median price decreased slightly from last month, year-over-year growth was more than 29 percent. The market continues to be very robust and most properties are being sold in record-short times. Average time on market dropped to 17 days, the lowest number since August of 2012.
The majority of homes are being sold for values significantly above the asking price. In March, only 4 homes in Palo Alto were sold below the asking price; the average overbid was 14.3 percent. Two homes, both in our area, stood out: a house on 2750 Bryant St. was sold for $1,730,000, 39 percent over the asking price. Another home at 3985 Bibbits Dr. went for $1,838,000 or 32 percent over the asking price. The highest overbid in March was for a property on 131 Washington Ave. — a whopping 55 percent (listed at $949,950 and sold for $1,470,000).
We expect the shortage of inventory to keep sellers firmly in the driving seat for the foreseeable future. While 39 new single family homes were put on the market in March, there were 46 new offers accepted, indicating that buyers’ demand significantly outpaces the rate of new listings.
Find out what's happening in Palo Altofor free with the latest updates from Patch.
Month, Year Listed Sold Median Price DOM Dec. 2012 9 42 $1,835,000 24 January 2013 23 14 $2,250,000 38 February 2013 39 16 $2,330,000 19 March 2013 39 28 $2,200,000 17
Year-Over-Year
Month, Year Listed Sold Median Price DOM March 2010 51 28 $1,410,000 60 March 2011 84 44 $1,590,000 21 March 2012 53 42 $1,700,000 16 March 2013 39 28 $2,200,000 17
Michael Talis is co-owner of TALIS Real Estate.
