July Market Trends
As expected, the local real estate market continued its summer vacation during July. However, the monthly statistics are indicating a more substantial change could be underway. The following statistics for July were negative year-over-year in most communities: flat sales, fewer sales at/over asking price; lower percentage of asking price paid on average; month-end inventory higher; average days on market before selling higher; and average and median prices down in several communities. I am not convinced that the hot real estate market is changing now, and want to see at least one more month of down-trending sales statistics for validation of a slower market. I continue to believe that the current weakness is a typical summer lull, and the market will remain strong until next year.
In the charts below, you’ll find 15 years of data for market activity and median sales price for the month of July 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.