August Market Trends
Once again we saw new highs for median sale prices in August. Low sales volume was caused by near record low numbers of homes for sale. While some nervousness is being expressed by both buyers and sellers regarding how long this market can and will continue, multiple offers and bidding wars remain the standard for rationally priced properties in all price ranges.
As we stated last month, September sales activity – normally a high demand month – will provide the best barometer for assessing the strength of the market for the remainder of the year.
In the charts below, you’ll find 15 years of data for market activity and median sales price for the month of August 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.