October 2012 Market Snapshot – The Old Supply & Demand Story
How’s the real estate market in Los Altos, Palo Alto, Los Altos Hills, Menlo Park and and Mountain View? On Fire!
By examining supply and demand you can see why prices continue to rise in our area. For October 2012 compared to the 15 year average, the supply of homes for sale was down by 36%, on average. The number of homes sold (demand) was up by 25%. Fewer homes are on the market and more of them are selling.
See charts below for stats by city.
As a result, median sales prices were up in these five towns by 17%, on average, since October of 2009.
In the charts below, you’ll find 15 years of data for market activity and median sales price for the month of October for Palo Alto, Los Altos, Los Altos Hills, Menlo Park and Mountain View. 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.