Palo Alto Real Estate Takes a Breath

Palo Alto real estate is still hopping, however, the market has been cooling off a bit in recent weeks, as more homes are available and demand is less. Some prices even moved a bit lower as a result. Expect this trend to continue as more inventory hits the market.  Palo Alto has a lot of luxury real estate and is always an area in demand due to the tech executives and companies that call Palo Alto home.  In our recent reports, the median price in Palo Alto 94301 is $1,597,000 and average days on market is only 61 days.  Just a couple weeks ago, the median price was over $2.1 million so this shows the inventory in that sweet spot is fairly non existent.   The surprising number this week is the percentage of homes with a price decrease, which is 35%.  That’s a big number for such a strong area.  This means that the “in demand” homes have sold quickly and it’s probably the less desirable properties that are still sitting on the market.  It’s still a sellers market in Palo Alto and the average price per square foot is at $934 and I’ve seen homes that are asking way over that price per square foot, but are tending to sit if they go over $1,000.