Diana Parham's Market Report
Palo Alto, CA
Single-Family Homes
Intero A Berkshire Hathaway Affiliate | dparham@interorealestate.com | 408-472-8874
Palo Alto, CA
Thu Nov 21 2024
This week the median list price for Palo Alto, CA is $6,470,000 with the market action index hovering around 52. This is an increase over last month's market action index of 50. Inventory has decreased to 40.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market Narrative
While the Market Action Index shows some strengthening in the last few weeks, prices have settled in a bit of a plateau. We are currently in a Seller’s market so prices will likely resume their climb should this trend persist.
Real-Time Market Profile
| Median List Price | $6,470,000 | |
| Median Price of New Listings | $2,998,000 | |
| Per Square Foot | $1,995 | |
| Average Days on Market | 148 | |
| Median Days on Market | 60 | |
| Price Decreased | 20% | |
| Price Increased | 0% | |
| Relisted | 3% | |
| Inventory | 40 | |
| Median Rent | ||
| Market Action | 52 | |
| Strong Seller's Market | ||
Despite this week’s up tic, the market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this shift.
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 |
|---|---|---|---|---|---|---|---|---|
| $14,334,000 | 5,648 | 0.25 - 0.5 acre | 5 | 6 | 17 | 0 | 0 | 147 |
| $7,825,000 | 3,266 | 0.25 - 0.5 acre | 5 | 4 | 6 | 0 | 1 | 150 |
| $5,087,500 | 2,784 | 8,000 - 10,000 sqft | 4 | 3.5 | 2 | 2 | 4 | 35 |
| $2,998,475 | 1,842 | 6,500 - 8,000 sqft | 3 | 2 | 4 | 3 | 5 | 14 |