3rd Quarter 2011 – Market Update
The economic recovery on the San Francisco Peninsula & Silicon Valley is continuing.
A strengthening jobs market and record low interest rates have continued to support buyer demand. Meanwhile fewer homes were put up for sale during the 3rd quarter compared to a year ago.
Total new listings (in all areas listed) were down by 17% on average from a year ago while sales in the third quarter were down just slightly. The total inventory of homes for sale at the end of the quarter was down by 25% from a year ago. We believe the number of sales would have been significantly higher if buyers had a greater number of homes to choose from.
? See charts below comparing 2011 and 2010 for inventory, closed sales, new listings, average days on the market, median sales price and average percentage of list price received.
Third quarter median sales prices and the average percentage of list priced received by sellers held steady on average from a year ago. Atherton had the highest increase in median sales price: up by 10%. Palo Alto had the highest percentage of list price received by sellers: 103.3% on average.
May we be of help?
The cities and towns above have varieties of neighborhoods and prices. When we only look at averages they can tell us something, but not everything. If you would like an in-depth analysis of trends in your particular neighborhood, we will be happy to provide it.