Chris Iverson's Market Report
Palo Alto, CA
Single-Family Homes
Market data for your neighborhood, updated weekly.
Palo Alto, CA
Wed Apr 24 2024
This week the median list price for Palo Alto, CA is $4,500,000 with the market action index hovering around 60. This is an increase over last month's market action index of 55. Inventory has increased to 45.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Home sales have been exceeding new inventory for several weeks. However prices have not yet stopped falling. Since the market is already in the Seller’s zone, expect prices to level off very soon. Should the sales trend continue expect that prices could climb from there.
Real-Time Market Profile
| Median List Price | $4,500,000 | |
| Median Price of New Listings | $3,590,000 | |
| Per Square Foot | $1,796 | |
| Average Days on Market | 90 | |
| Median Days on Market | 28 | |
| Price Decreased | 22% | |
| Price Increased | 2% | |
| Relisted | 9% | |
| Inventory | 45 | |
| Median Rent | ||
| Market Action | 60 | |
| Strong Seller's Market | ||
Again this week we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. The Market Action Index is a good leading indicator for the durability of this trend.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $8,498,000 | 4,186 | 0.25 - 0.5 acre | 5 | 4.5 | 20 | 1 | 1 | 168 |
| $5,600,000 | 3,073 | 6,500 - 8,000 sqft | 5 | 4 | 21 | 2 | 2 | 35 |
| $3,850,000 | 2,526 | 6,500 - 8,000 sqft | 4 | 3 | 72 | 5 | 4 | 21 |
| $2,943,000 | 1,736 | 6,500 - 8,000 sqft | 3 | 2 | 73 | 6 | 5 | 7 |