Buyers Are Back!

Home buyers are back in action in Palo Alto and Los Altos market areas. During the past thirty days 78 single family homes closed escrow in Palo Alto and Los Altos.  And of those 78 homes, 20% sold over the asking price!  Last year by comparison, 82 homes sold during the same period; 50% of them sold over the asking price.  While certainly not as hot as last year, the last 30 days have been pretty darn good for local home sellers.

Please note:  We’ve just posted our 2nd quarter real estate report featuring statistics, commentary, and analysis on the residential real estate market for the southern portion of the San Francisco Peninsula.  In it we compare Q2 ’09 with Q2 ‘08 sales plus we report the current trending from Q1 ’09 for each area.  Included are sales statistics for Atherton, Portola Valley, Menlo Park, Palo Alto, Los Altos, Los Altos Hills, Mountain View, Sunnyvale, and Cupertino.

Jeff and Steve