Q4 Market Update: Hotter & Hotter!
The 49ers’ Colin Kaepernick is not the only hot commodity in town!
Homes on the San Francisco Peninsula continue to be on fire. Check out the charts below showing Q4 trends for the last 15 years in Palo Alto, Los Altos, Menlo Park, Los Altos Hills and Mountain View.
The first chart displays median price and percentage of list price received. As you can see, all areas showed improved median sales prices in Q4 2012 (except for Menlo Park which was merely a result of the lack of homes to sell in the upper price ranges). The second chart compares market activity – inventory of homes for sale, total sales and average days on the market. Inventories are at all-time lows in most areas and demand for those homes is fierce! We expect this pattern to continue for the foreseeable future. It will take a major financial shock of some sort to cool the current market.
If you have any questions or would like to discuss your specific neighborhood and real estate needs, don’t hesitate to shoot us an email or call. We invite you to share this post with anyone who owns real estate or is looking to buy in Palo Alto, Los Altos and surrounding communities.