November 2011 – Market Snapshot
More Homes on the Market; But Less Desirable Locations & Conditions
November 2011 home sales stats were recently published and while inventory of homes for sale was higher than last year in some areas, the “quality” of the inventory was poor. Many homes were not priced in accordance with their location or condition. This caused sales to be fewer than they would have been if those homes had been priced more accurately. Multiple offers, however, are still the standard for most accurately priced homes in this area.
Demand across all price ranges remains very strong following the strong performance of local technology companies. As a result, we expect home prices to continue to appreciate (subject to the non-collapse of the Euro). Interest rates remain at historically low levels which is also increasing demand.
Please find charts of market activity and median sales price for single family home sales in November for the last decade in Palo Alto, Los Altos, Los Altos Hills and Menlo Park. This historical trending, which we compile monthly, gives you the best perspective when evaluating market conditions. If you have any questions about the charts below or wish to get data and analysis about another town in the area, please contact us. We invite you to add your comments at the bottom of the post.