Arn Cenedella

Archive for the 'Palo Alto Real Estate' Category

Palo Alto real estate market has good Q2 2010

The following data will show that single family home market in Palo Alto saw a very good second quarter 2010 (Q2 2010).

Move cursor over chart columns to see numeric data displayed.

All market metrics in Palo Alto moved in a positive direction:

Median price up 2.8% to $1,499,500 from $1,410,000
Average price up 9.4% to $1,685,380 from $1,541,200
Number of Palo Alto homes sold up 76.1% to 118 from 67
Number of pending sales of Palo Alto homes up slightly 2.6% to 39 from 38.
Days on market down 45.3% to 34 days from 64 days.

As we see in Menlo Park, Q2 in 2008 and 2009 has been strong in Palo Alto also.

In Menlo Park, average price increased 11.0% in Q2 from Q1.
In Palo Alto, average price increased 9.4% in Q2 from Q1.

Median price in Menlo Park jumped 29.8% compared to Palo Alto’s 2.8%.

Palo Alto Real Estate Week in Review June 13

9 new single family home listings came on the market this past week in Palo Alto.

To view these new listings in Palo Alto, click here.

11 single family homes in Palo Alto went pending sale this week.

101 single family homes in Palo Alto are currently for sale.

48 single family homes in Palo Alto currently have pending sales.

47.5% pending to active ratio in Palo Alto.

For Palo Alto market data, click here.

Monthly Home Sales: Palo Alto, Menlo Park, and San Carlos

Tracking recent monthly sales data in Palo Alto, Menlo Park, and San Carlos indicates the real estate market is getting stronger and more competitive for buyers.

I have been tracking percentage of sales at or above list price since the start of the year.

Data for the first four months of the year can be found here.

May 2010 Sales at or above list price

• 30.9% in Menlo Park, down from April’s 36.6%.
• 57.4% in Palo Alto, up slightly from April’s 56.2%.
• 75.0% in San Carlos, up from April’s 70.0%.

May 2010 Average Days on Market

• 40 average days on market in Menlo Park
• 27 average days on market in Palo Alto
• 14 days on market in San Carlos

Both metrics indicate the San Carlos market is stronger.

I am interested in why the data is different between these three cities.

Any ideas as to why this is happening?

San Carlos homes are at a lower price point than homes in Palo Alto and Menlo Park.

Perhaps the data indicates higher demand in the more affordable price ranges.

I will need to take a closer look, at the raw data below.

Menlo Park May 2010 sales data

Palo Alto May 2010 sales data

San Carlos May 2010 sales data

How’s the Market in Menlo Park?

How’s the Market in Palo Alto?

How’s the Market in San Carlos?

Transfer Taxes upon sale of real estate

Transfer taxes on the sale of real property are collected by San Mateo, Santa Clara, and San Francisco Counties.

These transfer taxes are paid in escrow and are part of buyer and seller closing costs.

Typically, the County transfer tax is $1.10 per $1,000 of value and are generally paid by the seller.
So upon sale of a $500,000 house, the seller will pay a transfer tax of $1.10 x 500 or $550 to the County.

Some cities also have City transfer taxes.
On the San Francisco Peninsula; San Francisco, San Mateo, Palo Alto, Mt. View and San Jose have City transfer taxes.
Generally, city transfer taxes are spilt 50/50 between buyer and seller.

The City transfer tax in Palo Alto, Mt. View, and San Jose is $3.30 per $1000 of value.
So on a $500,000 sale in these cities, the City transfer tax is $3.30 x 500 = $1650.
Buyer pay $825. Seller pays $825.

The City transfer tax in San Mateo is $5.00 per $1,000 of value.
So on a $500,000 sale in San Mateo, the City transfer tax is $5 x 500 = $2500.
Buyer pays $1250. Seller pays $1250.

So if you are buying or selling in those cities, be sure to take into account these City transfer taxes.

Palo Alto Real Estate Week in Review May 23, 2010

21 new single family home listings came on the market this past week in Palo Alto.

To view these new listings in Palo Alto, click here.

11 single family homes in Palo Alto went pending sale this week.

91 single family homes in Palo Alto are currently for sale.

61 single family homes in Palo Alto currently have pending sales.

67.0% pending to active ratio in Palo Alto.

For Palo Alto market data, click here.

Looking for good schools?

Every parent wants to send their children to excellent schools.

School rankings play a big role in property values – the better the schools – the higher the property values.

2009 API scores have just been published and no surprise:

Menlo Park, Palo Alto, and San Carlos rank very well.

Click on City below to see API scores for each school in the City:

Menlo Park

Menlo Parks shows an average API of 931 with a low of 918 and a high of 940.

Palo Alto

Palo Alto shows an average API of 919 with a low of 861 and a high of 982.

San Carlos

San Carlos shows an average API of 896 with a low of 861 and a high of 917.

Sequoia Union High School District (which covers Menlo Park to Belmont)

High schools in this in this district have API scores from 740 to 827.

How common are sales prices above list prices? Part 2

On April 10, 2010, I wrote a post “How common are sales prices above list prices?”

My analysis of sales data in Menlo Park, Palo Alto, and San Carlos indicated that in the first three months of 2010:

38.3% of the homes sold and closed in Menlo Park sold at or above list price.

46.5% of the homes sold and closed in Palo Alto sold at or above list price.

51.3% of the homes sold and closed in San Carlos sold at or above list price.

What happened in the month of April 2010?

36.6% of the homes sold and closed in Menlo Park sold at or above list price.

56.2% of the homes sold and closed in Palo Alto sold at or above list price.

70.0% of the homes sold and closed in San Carlos sold at or above list price.

The number of home sales above list price increased in Palo Alto and San Carlos during April 2010 above the first three months of the year. Clearly, the market in those two cities is heating up.

The number of homes sales above list price in Menlo Park remained unchanged at about 36%.

To view historical sales data by city or by neighborhood on a monthly, quarterly, or annual basis, click below:

Menlo Park Sales Data

Palo Alto Sales Data

San Carlos Sales Data

 

Downtown Palo Alto tour April 30, 2010

Here are a few new listings in downtown Palo Alto that will be on tour this Friday.

Downtown Palo Alto offers all of the excitement and fun of living in a city but with suburban convenience.

Many of the streets are lined with beautiful old trees.

The houses vary from 1920 bungalows to spectacular new construction.

We're sorry, but we couldn't find MLS # 81001691 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # 81016759 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Just let me know if any of these properties interest you or if you would like to learn more about the downtown Palo Alto real estate market.

Weekly Market Watch – SF Peninsula April 17, 2010

SF Peninsula— In Burlingame, multiple offers are happening every day in the $600,000 to $1 million range, as entry level buyer are scrambling to meet first-time buyer deadlines. When the price is attractive enough, open homes are drawing big crowds. We had one Millbrae home open in pouring rain with over 60 attendees. Consistent activity at all price ranges was reported in Redwood City. Open houses have been well attended there regardless of Easter and pouring down rain. The market in Menlo Park is mixed. Spring break combined with Easter weekend caused the market to slow slightly. However, good new inventory is still flying off the shelf. There were a few multiple offer sales the last couple of weeks. Buyers are out there, dipping their toes in the water. Sales and inventory are also steady in Half Moon Bay. In Palo Alto, the market has mirrored the spring school breaks – the last week or so has been relatively slow for sales and inventory. But our local offices expect the north side of Palo Alto to have more sales activity in the near future. The south side is waiting for more inventory to hit the market.

For complete San Francisco Bay Area report, click here.

Palo Alto tour properties in Crescent Park and Old Palo Alto

Here are new listings in Old Palo Alto and Crescent Park, two of Palo Alto’s most desirable neighborhoods.

We're sorry, but we couldn't find MLS # 81017676 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # 81018184 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

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