August 2012 Market Snapshot – Happy Days are Here Again!

Record Median Sales Prices in Palo Alto, Menlo Park and Los Altos Hills

If you’re a seller in today’s market in the Palo Alto / Los Altos greater area, you’ve got to be ecstatic about our local real estate recovery. Year over year median sales prices were up in August by 16% in Los Altos, up 24% in Palo Alto and Menlo Park, and up 36% in Los Altos Hills!

The average percentage of list price received by sellers was up, too. Sellers received 104% of their asking prices in Palo Alto and 106%, on average, in Los Altos. Multiple offers and over-bidding for homes that are accurately priced is standard fare in the current market. Median sales prices are at record levels in Palo Alto, Menlo Park, and Los Altos Hills. And they’ve matched the previous high in Los Altos. How long this appreciation will continue will depend greatly upon (local) consumer confidence remaining strong and area companies continuing to hire new employees.

In the charts below, you’ll find 15 years of data for market activity and median sales price for the month of August 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.