Mary Pope-Handy's Market Report
Palo Alto, CA
Single-Family Homes
Christie's International Real Estate Sereno | 408 204-7673 | ValleyOfHeartsDelight.com/blog
Palo Alto, CA
Mon Dec 04 2023
This week the median list price for Palo Alto, CA is $4,599,000 with the market action index hovering around 51. This is an increase over last month's market action index of 49. Inventory has decreased to 34.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market has been strong for several consecutive weeks. Reflecting these inventory conditions, with the MAI in the Seller’s zone, it is not surprising that prices have recently resumed their climb.
Real-Time Market Profile
| Median List Price | $4,599,000 | |
| Median Price of New Listings | $2,797,500 | |
| Per Square Foot | $1,959 | |
| Average Days on Market | 138 | |
| Median Days on Market | 74 | |
| Price Decreased | 29% | |
| Price Increased | 0% | |
| Relisted | 6% | |
| Inventory | 34 | |
| Median Rent | ||
| Market Action | 51 | |
| Strong Seller's Market | ||
The market continues its bounce again this week. We’re a long way from the market’s high point so watch the Market Action Index as a leading indicator for how long this trend will last.
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 |
|---|---|---|---|---|---|---|---|---|
| $13,850,000 | 4,301 | 0.25 - 0.5 acre | 5 | 4 | 20 | 0 | 0 | 73 |
| $5,687,500 | 3,173 | 8,000 - 10,000 sqft | 4 | 4.3 | 4 | 0 | 1 | 140 |
| $4,000,000 | 2,498 | 4,500 - 6,500 sqft | 4 | 3.5 | 91 | 2 | 0 | 112 |
| $2,495,000 | 1,036 | 0 - 4,500 sqft | 3 | 2 | 72 | 2 | 1 | 35 |