October Market Trends
The Los Altos/Palo Alto area real estate market behaved as it normally does during the fourth quarter of most years, with slightly fewer sales occurring, and less homes coming to market during October. With fewer homes for sale the market is actually strengthening (note the percentage of list price received by sellers in the graphs below). Many agents are stating that the market is weakening, and that is not accurate. The only area where a slowdown can be observed is Los Altos Hills. In the other areas multiple offers are still occurring routinely. We expect this bullish trend to continue until year-end as it did in 2014 and 2013.
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.