March Market Trends
It is with great sadness that I inform you of the passing of Steve TenBroeck on March 1, 2016. Steve was a wonderful person who was always ready to give a quick smile and helping hand to all. He will be missed by many. Steve had a passion for studying the real estate market, and we spent many memorable hours discussing statistics and where the market was heading. I look forward to carrying on the tradition of passionately studying the local real estate market, and personally providing you with timely insights (never from a marketing company).
I am happy to report that the low number of closed home sales during January and February reversed in March for most communities. This is due, I believe, to a larger number of homes for sale, as well as the positive performance of the stock market in March. Buyer demand currently remains strong causing the rapid sale of most homes, thereby keeping inventory low in most areas.
In the charts below, you’ll find 15 years of data for market activity and median sales price for the month of March for Los Altos, Palo Alto, 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 me.