Whether you are a first time buyer or seller, or have been through multiple transactions, you might be surprised by how quickly the real estate market changes in Los Altos, Palo Alto and surrounding communities. You need comprehensive historical data, current market analysis, and extensive insight to stay informed and succeed in these real estate markets.
As a service to his clients, Jeff Stricker provides his personal market analysis and commentary on local real estate trends.
- Jeff’s Mid-Year Real Estate Market Snapshot July 27, 2017
BULL MARKET CONTINUES TO RAGE!
In a flash – the first half of 2017 is over! The continuing story of 2017 is lower-than-normal inventory of homes for sale, coupled with persistent strong demand. Here are several additional observations for your consideration:
1. The real estate market started strong in 2017, and gained strength during the first half of 2017. Demand remains strong.
2. Low numbers of homes for sale were prevalent during the first half. This continued in May and June when inventory usually begins to rise. Low inventory will likely continue until 2018.
3. Home appreciation was strong during the first half of 2017. Since the market cycle began in 2008, homes have appreciated about 90%.
Currently the market is almost 9 years into the typical 7-10 year market cycle that began Fall of 2008. The largest gains typically occur the last 24 months of the cycle during the “melt up” phase, which I believe is currently happening. The market will likely remain strong for the remainder of 2017, barring budget/debt ceiling problems in August.
- February Market Trends March 7, 2017
Hot Real Estate Market Enters March Like a Lion…Will It Continue?
The strong 2017 local real estate market continued during February. In most areas, the number of homes sold, number of homes sold over asking price, and amount paid over asking price were all up from January – indicating home prices are rising. Will the hot market continue in March and April? It’s all about the inventory! March and April are consistently the months when most homes come to market each year. I will be watching closely to determine if current demand is strong enough to absorb the additional inventory as it comes to market. My belief (as predicted in January) is that demand will keep the number of homes available for sale low, and that the strong market and rising prices will continue at least until the summer.
A beautiful spring with lots of flowers is coming soon- get out and enjoy it!
In the charts below, you’ll find 15 years of data for annual market activity and median sales price 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 me.