January Market Trends
Last month we stated the obvious – that 2016 would be an interesting year for the real estate market. Like on cue, January was interesting indeed! You have likely been watching the volatility in the stock market closely – and so have local home buyers. Many of the first home sales in January had weaker activity and fewer offers than expected. So far, a strong number of buyers are looking at homes and asking for disclosure packages, but fewer buyers are making offers than a year ago. We believe some/many buyers are choosing to wait and watch both the stock and real estate markets, to determine how they begin the year. Of course, it is early in the year and we will be monitoring home sale activity closely in coming months to discern if a significant trend is developing. These monthly updates are part of our continuing pledge to provide you with our personal insights (never from a marketing company) into the local real estate markets.
In the charts below, you’ll find 15 years of data for market activity and median sales price for the month of January 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.