Sales in Santa Clara and San Mateo Counties are down 14% compared to this time last year. This is due to our current “inventory driven market.” That is, there are plenty of buyers out there, but our supply is way down. Here on the Peninsula, we have 1.5 months of inventory currently available. It takes 3 to 4 months of inventory to make a balanced market.

In Palo Alto right now, almost everything priced below $2,500,000 is receiving multiple offers. There are 40 homes pending sale, nine of which are between $2,000,000 and $3,000,000, and three that are above $3,000,000.  Of the 39 active listings in Palo Alto, only four have had price reductions.

This entry was posted on Monday, April 9th, 2007 at 2:26 pm and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.