North Palo Alto Neighborhoods (North of Oregon Expressway and Pagemill) include College, Old Palo Alto, Green Gables, Community Center, Crescent Park, Professorville, Downtown and Palo Alto Hills
Community Center
Big drop in prices reflects a quiet quarter with only two sales. Don’t read much into the numbers, demand is still out there for this popular neighborhood, as reflected in the rise of price per sq ft to $1,054, a record number for the PA neighborhoods.
College
The College neighborhood continues to show big hits off last years numbers when the number of houses for sale were double and more high-end homes were influencing the market. This quarters numbers, while down from last year, actually show a 13% median increase and 25% average increase over last year.
Crescent Park
Big drops in the median and averages as inventory shot up in response to the big sales of the spring quarter and the sales were more middle end. A couple big sales already this quarter should show a rebound in the numbers. One of the few neighborhoods were inventory is higher than previous quarters.
Downtown
Downtown continued its run as prices kept at their 40% median rise over last year. Plummeting inventory and its comparable bargain prices to Professorville and Crescent Park made Downtown properties fly off the shelf. Finally getting to magic 30 days supply numbers, sign of a hot neighborhood.
Green Gables
Steady appreciation is becoming expected for this family friendly North Palo Alto neighborhood. Sales volume ticked up 11% from last year and inventory stayed relatively stable.
Professorville
A multiple offer $3.3m sale for a teardown in Professorville demonstrates the continued strong demand for this historical neighborhood.
Palo Alto Hills
A nice bump in prices with a 26% rise in average and 13% rise in median over last year. Needs to get rid of some dwindling inventory issues to turn the corner as a stronger neighborhood.
Old Palo Alto
Palo Alto’s blue chip neighborhood showed an impressive 22% rise over the previous year in median price as the buyers snapped up a number of mid-range homes in the 2 to 3 million dollar price range. Inventory showed a dramatic drop of 45% from the same quarter last year.
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