August Snapshot – Market Activity and Median Sales Price for 2001-2011

The local real estate market continues to be hot!

Inventories of homes for sale continued to decline in August while competition for the best properties in all price ranges increased fiercely.  Over-bidding, all-cash offers, as-is terms, no contingencies — these were all commonplace terms in many of the sales transactions over the past several months.

Local consumer confidence is finally beginning to waver, based on the non-stop negative economic news both nationally and internationally. This has begun to adversely affect demand for homes that have “issues,” but for most homes it remains a “Seller’s Market.”

Source: MLSListings.com

<h3 style=”TEXT-ALIGN: left”>Palo Alto, Los Altos, Los Altos Hills and Menlo Park</h3>
<p style=”TEXT-ALIGN: left”>July statistics are going to require more explanation and interpretation than usual. The <strong>decline in sales volume in our area is a result of a shortage of inventory</strong>, especially in the mid- and upper-range of the market. It is certainly not due to lack of demand.</p>
Another statistic that can be easily misinterpreted is Days On Market (DOM). As the market heats up – as it is now – and inventory declines, homes that have been sitting begin to sell, increasing the average days on market. It is definitely<strong> not taking longer for the typical home to sell</strong> in the current market.
Lastly, the<strong> median sales price decline is a result of the shortage of inventory of homes</strong> to sell in addition to the increasing number of “quiet sales”. “Quiet sales” refers to homes being sold through local agent networks and not listed or recorded on the Multiple Listing Service, usually higher priced properties. These two factors are causing the reported median sales price to decline. Homes in our area are most certainly not declining in value at this time.
<a href=”https://jstricker.com/files/2011/08/FinalPA-2Mkt-Activity-Jul-02-112.jpg”><img title=”Palo Alto Market Activity  Jul-02-11″ src=”https://jstricker.com/files/2011/08/FinalPA-2Mkt-Activity-Jul-02-112.jpg” alt=”Palo Alto Market Activity  Jul-02-11″ width=”600″ height=”366″ /></a>
<a href=”https://jstricker.com/files/2011/08/FinalPA-2Med-SP-Jul-02-11.jpg”><!–more–><img title=”Palo Alto Median Sales Price July 2011″ src=”https://jstricker.com/files/2011/08/FinalPA-2Med-SP-Jul-02-11.jpg” alt=”Palo Alto Median Sales Price July 2011″ width=”600″ height=”373″ /></a>
<a href=”https://jstricker.com/files/2011/08/FinalLA-Mkt-Activity-Jul-02-11.jpg”><img title=”Los Altos Market Activity July 2011″ src=”https://jstricker.com/files/2011/08/FinalLA-Mkt-Activity-Jul-02-11.jpg” alt=”Los Altos Market Activity July 2011″ width=”600″ height=”367″ /></a>
<a href=”https://jstricker.com/files/2011/08/FinalLA-Med-2SP-Jul-02-11.jpg”><img title=”Los Altos Median Sales Price July 2011″ src=”https://jstricker.com/files/2011/08/FinalLA-Med-2SP-Jul-02-11.jpg” alt=”Los Altos Median Sales Price July 2011″ width=”600″ height=”377″ /></a>
<a href=”https://jstricker.com/files/2011/08/FinalLAH-Mkt-Activity-Jul-02-111.jpg”><img title=”Los Altos Hills Market Activity – Jul 02-11″ src=”https://jstricker.com/files/2011/08/FinalLAH-Mkt-Activity-Jul-02-111.jpg” alt=”Los Altos Hills Market Activity – Jul 02-11″ width=”600″ height=”363″ /></a>
<a href=”https://jstricker.com/files/2011/08/FinalLAH-Med-SP-Jul-02-111.jpg”><img title=”Los Altos Hills Median Sales Price July 2011″ src=”https://jstricker.com/files/2011/08/FinalLAH-Med-SP-Jul-02-111.jpg” alt=”Los Altos Hills Median Sales Price July 2011″ width=”600″ height=”377″ /></a><a href=”https://jstricker.com/files/2011/08/FinalMP-Med-SP-Jul-02-11.jpg”><img title=”Menlo Park Median Sales Price July 2011″ src=”https://jstricker.com/files/2011/08/FinalMP-Med-SP-Jul-02-11.jpg” alt=”Menlo Park Median Sales Price July 2011″ width=”600″ height=”377″ /></a><a href=”https://jstricker.com/files/2011/08/FinalMP-Mkt-Activity-Jul-02-11.jpg”><img title=”Menlo Park Market Activity July 2011″ src=”https://jstricker.com/files/2011/08/FinalMP-Mkt-Activity-Jul-02-11.jpg” alt=”Menlo Park Market Activity July 2011″ width=”600″ height=”375″ /></a>

PA Mkt Activity - Aug 02-11.xls

PA Med SP - Aug 02-11.xls

LA Mkt Activity - Aug 02-11.xls

LA Med SP - Aug 02-11.xls
LAH Mkt Activity - Aug 02-11.xls

LAH Med SP - Aug 02-11.xls

MP Mkt Activity - Aug 02-11.xls

MP Med SP - Aug 02-11.xls