Third Quarter Recap
In like a lamb and out like a lion – that is how the local real estate markets behaved in Q3. You may recall my commentary during the summer about the slow market, and how I was not quite ready to declare that the market had fundamentally changed. Good thing – market activity turned up from August to September as it normally does each year. Demand for lower-priced homes (under $3 million) was much stronger in September than for higher-priced homes, which is a sign the hot market is maturing. The market for higher-priced homes will slow first when the overall market begins to fundamentally change.
I expect the market to remain reasonably strong until the end of the year. Why? The number of homes for sale usually drops during Q4 as the holidays approach, keeping demand for available homes reasonably strong until year-end.
Take time to enjoy the beautiful fall weather and foliage before the busy holiday season arrives!
In the charts below, you’ll find 15 years of data for market activity and median sales price for the Third 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.