Third quarter inventory in Palo Alto plummeted 42% from the same quarter two years previous as buyers continued to snatch up the dwindling amount of houses for sale. The average price remained over two million dollars at $2,138,732. The average monthly supply of homes dropped to 45 days in October down from 70 days in September.
After a summer stall, North Palo Alto sprang to life, with homes being snatched up before the start of school and then prices continuing to advance in September. Multiple offers moved up the price point as several homes over $3,000,000 experienced intense competition. The average price in North PA settled at just under $2,600,000 while the median home was $2,375,000 53% higher than the same quarter in 2010.
Current 4th quarter activity continues to be robust as year-end relocation and visiting international buyers compete for the few available homes. We are in desperate need of homes to sell and have sold our last two listings in Old Palo Alto in days.