June Market Trends
THE LOCAL REAL ESTATE BULL MARKET CONTINUES TO RAGE!
The June real estate activity reflected the continuation of lower-than-normal inventory of homes for sale, coupled with persistent strong demand. Low inventory will likely continue until 2018, keeping an upward pressure on home appreciation.
Currently the market is almost 9 years into the typical 7-10 year market cycle that began Fall of 2008. The largest gains typically occur the last 24 months of the cycle during the “melt up” phase, which I believe is currently happening. The market will likely remain strong for the remainder of 2017, barring budget/debt ceiling problems in August.
In the charts below, you’ll find 15 years of data for annual market activity and median sales price for Palo Alto, Los Altos, 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.