The Hot Real Estate Market Sizzles in June
The extraordinary lack of homes for sale continues to drive a hot – hot real estate market! Sellers were in no hurry to cash in in June. Instead they’re sitting tight and watching their equity grow. Meanwhile, buyers are fiercely competing for the few homes on the market each week.
We expect this condition to continue until there is some major financial shock, as employment is so strong in our area. Supply and demand is always what it comes down to. Companies are hiring. Office space is being built at a tremendous pace, but very few new homes are being built in this area.
In the charts below, you’ll find 15 years of data for market activity and median sales price for the month of June 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.