October Market Trends
October was another “blowout” month for Peninsula real estate markets. The number of sales were high, inventory of homes for sale low and falling, and multiple offers were plentiful. The number of homes for sale is likely to stay low until March/April of 2018, traditionally the two months of the year when the highest number of new listings come to market. This is why I suggest to homeowners to get their homes on the market during February of each year, before there is more competition on the market. Buyer demand will be high for those homes that come to market before March/April, unless grossly overpriced.
The local real estate market is now entering the 10th year of the market cycle that began during the fall of 2008. These cycles typically last 7-10 years, from peak to peak. When and what will cause this cycle to end? It is anybody’s guess, but market cycles always do end. For a no-obligation consultation and list of the most profitable projects to do before selling, call or email me. I look forward to helping you!
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.