Where are homes selling the fastest, with the most offers, where
buyers are standing wall-to-wall in open houses?
(Hint: it’s not North Palo Alto.)…..It’s Midtown and South Palo Alto!!
Inventory remains low across Palo Alto, driving prices up, but
value can still be found on the south side. Buyers are flocking to Midtown and
South Palo Alto to snap up these opportunities. Compare the price and inventory
trends in North Palo Alto to Midtown /
South Palo Alto. No wonder Midtown and South Palo Alto are so hot!
MIDTOWN AND SOUTH PALO ALTO:
Homes in contract: 11
Average days on market: 11
Average price per sq. ft: $1,013
Median price of $1,599,500.
Right now, there are only two homes for sale in South Palo Alto
(and South Palo alto covers about 1/3 of all the homes in all of Palo Alto!).
There is only one home available for sale in Midtown. These three homes have
been on the market for less than six days.
Let’s look at a few North Palo Alto neighborhoods to compare….
OLD PALO ALTO
Homes for sale: 8 homes
Average days on market: 24
Average price per sq ft: $1,508
Median price: $3,272,500
DOWNTOWN PALO ALTO
Homes for sale: 5
Average days on market: 74
Average price per sq ft: $1,079
Median price: $2,690,000.
Homes for sale: 4
Average days on market: 33
Average price per sq ft: $1,172
Median price: $4,495,000.
Homes for sale: 4 homes
Average days on the market: 29
Average price per sq ft: $1,114
Median price: $ 3,245,000