April Market Trends
During April, most communities experienced increases in the number of homes for sale as well as the number of homes sold. The balance between available homes for sale and homes sold allowed market conditions to remain strong overall.
However, taking a closer look at the statistics, fewer homes are selling with multiple offers this year. With less competition, homes are selling for less over the asking price. These results indicate that potential homebuyers are being more discriminating in 2016, and the strength of activity for a given home depends to a greater extent on the attractiveness of its features and price. These dynamics are very typical of a mature market where home values have gone up dramatically, and are likely to continue during the coming months. I will keep you updated on these emerging trends.
In the charts below, you’ll find 15 years of data for market activity and median sales price for the month of April 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.