May 2012 Market Snapshot – Surge in New Listings!
POST FACEBOOK IPO; SPRING JUMP IN INVENTORY
The number of new listings of homes for sale jumped in May. Many sellers had been waiting for the highly publicized launch of Facebook’s IPO to put their homes on the market. Fortunately for those sellers, the standing pool of buyers was deep enough to keep prices high in spite of the surge in new inventory. How long the number of buyers will keep up with the bump in supply is anyone’s guess. We believe it will have mostly to do with consumer confidence, as always. However, if we were planning to sell within the next year, we’d would do it sooner rather than later.
In the charts below, you’ll find 10 years of data for market activity and median sales price in May in Palo Alto, Los Alto, Los Altos Hills and Menlo Park.
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.
Note: We believe the spike in median sales price in Menlo Park in 2012 is not just a supply and demand story. Since the Great Recession hit, a disproportionate number of distressed properties in East Menlo Park were put on the market sending the median price down for the whole town. Most of those properties have worked their way out of the system and together with local consumer confidence and Facebook IPO buzz, Menlo Park is experiencing an all-time high median sales price, surpassing Palo Alto in the month of May.