The Party Continues – For Now
April 2014 was another hot, hot real estate month, as the charts below will show. Look at the increase in median sales prices since 2009 and the decrease in the number of homes for sale:
After 5 years of double-digit price appreciation on average, those thinking of selling need to ask themselves how long they think this market will last. Typically the strong “rising price phase” of the market lasts only 2-3 years. Double-digit home appreciation is unsustainable for extended periods of time. If current home price appreciation rates continue, homes would double in value again within 3-4 years. Will that happen before the market corrects? We think not! For more information on home values or market cycles, give us a call.
In the charts below, you’ll find 15 years of data for market activity and median sales price for the month of April for Palo Alto, Los Altos, Los Altos Hills, Menlo Park and Mountain View. You can’t find this level of historical data all in one place anywhere else, so if you have any questions or wish to get more info about your community, don’t hesitate to contact us.