August Market Trends
The real estate statistics below show that the market continued to soften during August. Home sales fell or were flat in most Peninsula communities. The number of homes that sold at or over the asking price, and the average median price, also continued to fall. Last month I said I wanted to see one more month of down-trending statistics for validation of a slower market- and that is what happened. However, August often is a transitional month between the summer and fall markets, and I am not quite ready to call that the market has fundamentally changed. I will update you at the end of September on these market conditions.
Anyone considering selling their home during the next 12 months would be wise to get their home market ready now. If the market continues to soften it is best to be able to get your home on the market quickly. If you have any questions or wish to get more specific information about your community please contact me.
In the charts below, you’ll find 15 years of data for market activity and median sales price for the month of August 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.