March Snapshot – “Over Asking” is the New Normal

Spring Fever is Here

In the charts below, you’ll find 10 years of data for market activity and median sales price in March in Palo Alto and Los Altos.

The big takeaways are:

  • Over Asking is the new normal.  Average list price received in Los Altos was 102.7%.  Menlo Park was 101.2%. Palo Alto continues to defy gravity at 108.8%.
  • 14 Days – that’s the average days it took for a home to sell in Palo Alto. The lowest since we started tracking the data over ten years ago.  Menlo Park was 19 Days — a whopping 33 days fewer than March 2011.
  • Fewer new listings in Palo Alto – less desirable properties are also getting snatched up.
  • More new listings in Los Altos – it’s becoming a great alternative to Palo Alto for many buyers.

You can’t find this level of historical data all in one place anywhere else, so if you have any questions or wish to get more info about your community, don’t hesitate to contact us.