Welcome to this month’s real estate market report for city of Palo Alto, California. Palo Alto is home to many tech companies and is one of the communities that make up Silicon Valley. At the end of 2024 median sale prices for had fallen from yearly highs, and both home and condo markets have had a slowdown in real estate activity. Find out more about the Palo Alto real estate market in this helpful report.
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Palo Alto Housing Stats
In Palo Alto, California, at the end of December 2024 the median sale price for single family homes was $3,400,000. Median sale prices for single family homes dropped month to month, falling from $3,700,000 at the end of November.
For the year, median sale prices are up from $2,900,000 at the end of December 2023.
A total of eight single family homes were sold in Palo Alto during the month of December. The total number of homes sold, fell month to month, falling from 31 sold during the month of November.
There was a total of eight new listings hit the market in Palo Alto during the month of December, giving Palo Alto a total of 14 single family homes for sale. New listings to hit the market fell month to month, falling from 20 new listings during the month of November.
There is just 1.8 months of single-family housing inventory available to buyers in Palo Alto.
Single family homes were on the market for an average of 18 days before being sold, this down compared to the previous December average of 28 days on the market before being sold.
Sellers were getting 105% of the list price at closing during the month of December, this is a year to year increase from 98% at the end of the previous December.
Palo Alto Condo Stats
At the end of December in Palo Alto, the median sale price for condo properties was $1,400,000. The median sale price for condos increased from one year ago, up from $1,200,000 at the end of December 2023.
There was a total of eight condo listings sold during the month of December, this is a month to month increase from five sold during November.
A total of three new condo listings hit the Palo Alto market during December, giving Palo Alto a total of nine condo properties for sale. New condo listings dropped month to month from 13 new listings to hit the market in November.
There is a total of 2.3 months of condo inventory available to buyers in Palo Alto.
Condo properties are on the market for an average of 36 days before being sold, this is a year to year drop from 61 days on the market before being sold during December 2023.
Sellers of condos were getting 97% of their asking price at closing during the month of December, this is up year to year from 95% at the end of the previous December.
What Does This Mean For Buyers?
If you are a buyer looking for a single-family home in Palo Alto, expect less inventory and slightly higher prices than one year ago. Competition for single family homes remains high, as overbidding for properties continues. Palo Alto is a highly sought after destination for buyers. And persons looking to buy a home should decisive and act quickly when a property is found. While January can be less active for real estate, buyers should realize that time is not on their side and delaying a buying decision can possibly cost you more money or lose out on a property.
Buyers should have a plan in place and be ready to act when a property is found. As spring begins the trend of slowly increasing prices to continue.
What Does This Mean For Sellers?
Sellers who are thinking of selling their home or condo should get their property on the market quickly. While interest rates and higher prices have sidelined some buyers, there continues to be aggressive buying activity of single-family homes. Condo property buying has slowed over the last couple of months and the condo market will continue to be soft until the spring buying season begins.
While the market for homes and condos in Palo Alto is dynamic, demand continues. Sellers who create a strategy to sell their home and market the best features of the property will find success selling their home quicker than others.
If you are thinking of buying or selling a home in Palo Alto, California, give us a call today. We will put our experience to work for you!
Palo Alto Homes for Sale
Here are the most recent single-home listings just added to the database in the median sale price range for Palo Alto. All homes here are priced at $3,400,000 or less.
Palo Alto Condos for Sale
Here are the most recent condominium listings just added to the database in the median sale price range for Palo Alto. All homes here are priced at $1,4000,000 or less.
