February Market Trends
Local real estate markets are off to a slow start so far in 2016. One reason closed sales are down is because the number of homes that have come to market in 2016 is down significantly as well. Another factor that we highlighted last month is the continuing stock market volatility. Although we don’t believe the real estate market has changed fundamentally, it is too early to draw conclusions for the rest of 2016. Traditionally, March and April are the months when the most homes come onto the market. How the market reacts to the first big surge in the number of homes for sale will provide an indication if the market is in transition. Since the local real estate market is overdue for a cyclical correction, we will keep you updated by delivering our personal market insight based on local, pertinent data (not an out-of-area marketing company’s generalities).
In the charts below, you’ll find 15 years of data for market activity and median sales price for the month of February 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.