Market Heating Up In Palo Alto & Los Altos
Over the past several weeks, multiple offers have been occurring with increasing frequency in the $1.5m and below housing market. For example, a home in the Green Gables area of Palo Alto was listed for $1.34m two weeks ago and sold with six offers for $200k over the asking price (all cash). A home in South Los Altos was listed last week for $1.2m sold significantly over asking price with 18 offers!
See ourMarket Trends page on our
website for more info.
And homes in the over-$2m market are selling more quickly, too. My friend Kevin Boer (and former Alain Pinel Realtors colleague) referenced a blog post by Chris Iverson noting that there’s still a good selection in the over-$3m market for those that hurry.
Happy days are here again (for sellers)! Now the big questions: How long will this continue?
Jeff Stricker & Steve TenBroeck