August Market Trends
Local Real Estate Market Has Changed
I expressed concerns last month that the local real estate market may be changing, and that I would let you know if the August results strengthened as they usually do compared to the slower summer months. The local real estate market did not strengthen significantly in August, as the number of homes sold were down and month-end inventory was up year-over-year. Issues like overpricing, location, and condition matter again to buyers, so homes with those problems are not selling quickly. Unlike earlier this year, buyers no longer have the same sense of urgency to buy a home quickly before prices go up. However, I am not quite ready to state that the rising market cycle has officially ended. Multiple offers are still happening for the best properties.
Look for my third quarter report in early October for a detailed status update on the local market conditions. If you would like a no-obligation consultation on current market values and key sales factors in your neighborhood, please 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 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.