March 2011 Market Snapshot
Home sales data for Palo Alto, Los Altos, Los Altos Hills and Menlo Park have recently become available from MLSlistings.com. Here’s a look at data for March from the last 10 years and our commentary about what it means to you. If you would like information about another city or neighborhood, let us know.
In March of 2011 the inventory of single family homes for sale in the Palo Alto / Los Altos / Menlo Park area continued to decline. As (local) consumer confidence improves, home owners are in less of a hurry to sell and buyers are more motivated to buy. Meanwhile, total sales in Los Altos Hills and Palo Alto increased significantly from the past three years. Median sales prices were also up in all four areas.
The market is definitely heating up. In Palo Alto, Los Altos, and Menlo Park the market can now be officially classified as a “Seller’s Market” – meaning that there is less than a two month supply of homes for sale. Los Altos Hills is near to a “Balanced Market” for the first time in four years. Regardless of what may be happening in the rest of the Bay Area and USA, the housing market is definitely alive and well here!