September 2011 Snapshot – Market Activity
The Peninsula real estate market continues to be hot!
Inventories of homes for sale are significantly lower than last year. Competition for the best properties in all price ranges remained strong with over-bidding particularly common in Palo Alto (note the average percentage of list price received was over 100% again in September).
As we noted last month, local consumer confidence is continuing to waver, based on the non-stop negative economic news both nationally and internationally. This is adversely affecting demand for homes that have “issues”, but for most homes it remains a “Seller’s Market”.