December 2022
Palo Alto is home to Stanford University, two great downtown areas, top-performing K-12 schools and a wonderful neighborhood feeling. Click on links to see additional information the Palo Alto Community and Schools.
The annual median price for Palo Alto home increased 4.0% during the first nine months of 2022 following a 17% jump in 2021 to a new high. Interestingly, this is inline with the 10-year trendline. Overall, the median price has appreciated 8% per year since 1998 (CAGR).
Market demand remains at an all-time highs. The average Days on Market returned to historic lows after a jump in 2019-20. The average final Sales vs. List price has started to climb back up, suggesting an increase in the number of competitive offers.
The supply of New Listings (blue line) jumped in 2020 while the number of sales remained flat. This chart is updated annually after year-end.
Palo Alto homes start at $2.0M. Their outstanding performing K-12 school district commands a high price. The chart above shows the distribution of prices for homes by number of bedrooms for closed sales in 2021.
The $/SQFT varies widely. The scatter chart above shows the $/SQFT by the size of the home. This gives you an idea of range of both $/SQFT and the size of homes in Palo Alto.
The Quarterly Median Price shows a return to 2021 levels after a spike in Q1.
This Monthly Median Price shows a strong surge during Q1. Keep in mind the monthly numbers are for listings that entered into contract the prior month.
The monthly average Days on Market remains at historic lows.
The monthly average sales vs. list price percentages are climbing back.
Homes selling within the first 10 days on market are selling for 5% to 20% over list.
The supply of New Listings in Palo Alto has increased significantly this year. Note the seasonality with December typically being the low-point during the year.
The Inventory of Active Listings is higher compared to 2013-18, but lower than the past two years.
The monthly number of Sales jumped significantly starting in April.
Source: 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.