Palo Alto is home to Stanford University. Two great downtown areas, top-performing K-12 schools and a wonderful neighborhood feeling.
This chart shows the distribution of final sales prices for single family residences in Palo Alto during 2016
The annual increase in the median price for Palo Alto homes has averaged 8.3% per year since 1998 (CAGR).
The average $/SQFT for Palo Alto homes was $1,504 in 2016. The above scatter chart shows the final sold $ per SQFT for with each closed sale represented by a dot. This shows how $/SQFT varies by home size and the distribution of home sizes
Market demand is typically measured in terms of the average number of days it takes to sell (DOM) and what percent the final sales price is over/under the current list price. Note that the current list price may be a reduced price from the original list price.
Sales vs. List price percentage typically varies by how long the home has been on the market. Homes that sell after one weekend on the market typically sell for over list price. Each Palo Alto home sale in 2016 is represented by a dot.
The annual supply of new listings for Palo Alto homes has declined by about 35-40% over the past ten years.
The inventory of Active listings is significantly lower due to reduced supply of new listings and strong market demand that results in homes selling quickly.
A view of the quarterly median price provides some insight to how the current market is moving.
This monthly view of median prices for Palo Alto homes provides more insight into the ebb and flow of our real estate market. Keep in mind that the fluctuation may be due to a change in the mix of homes selling in a particular month, not necessarily changes in home values.
The monthly average sales price over/under list price percentage provides a little more insight into how the current real estate market is moving.
Interestingly the monthly number of Closed Sales appears to be relatively consistent.
The monthly supply of new listings for homes in Palo Alto. Note the seasonality with December typically being the low-point during the year.
This Days on Market chart shows the monthly average for Palo Alto homes sold. The spikes are typically in Dec-Jan during the slowest time of the year.
Sources: The data above is obtained directly from MLSlistings, the multiple listing service (MLS) serving Santa Clara and San Mateo counties. The information is deemed to be accurate, however is not guaranteed.