First Quarter 2016 Market Trends
It was a roller coaster first quarter for home sales in most communities! The year began with scant few homes for sale, and therefore few home sales were recorded in January and February. After the horrible stock market performance during January, there was much conjecture that the real estate market cycle was peaking. I wrote then that it was too early to tell if the market cycle was fundamentally changing.
In March, greater inventory resulted in a higher number of closed home sales. In some areas, total March closed sales were greater than those in January and February combined. Buyer demand currently remains strong causing the rapid sale of most homes, thereby keeping inventory low in most communities. In addition, more lower-priced homes are selling, causing some communities to have lower median home sale prices than in 2015.
In the charts below, you’ll find 15 years of data for market activity and median sales price for the First Quarter 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.