Palo Alto Home Values & Market Update
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Updated April 23, 2018

Market Snapshot – Palo Alto (Recent Sales here)

No surprise, Palo Alto continues to dominate the real estate market with some of the highest median sale price increases in any city – up 22% over last year (looking at rolling 3 month averages). Rising sale prices and tight inventory helped to fuel this increase. It marked the sixth straight year for higher sales prices for both single family homes and condo/townhomes.

The current Bay Area real estate market hinges on an extremely low supply of homes. This low inventory, combined with strong demand among home buyers, is largely responsible for the continued appreciation across most price points and markets. According to Trulia’s Chief Economist Ralph McLaughlin, this isn’t a bubble as we’ve seen in previous up cycles, but the result of basic economic forces of (lack of) supply and (strong) demand. Multiple forces are keeping home inventory low. There aren’t enough new homes being built to meet increasing demand. Additionally, current California property tax code provides a strong financial incentive for long-term homeowners to stay in their existing homes. McLaughlin also notes that the new congressional tax plan with its lower cap on the mortgage interest deduction may act to further limit supply. Under the new law, the cap on the mortgage interest deduction is reduced from $1 million to $750,000. Existing homeowners are grandfathered in at the $1 million level, giving them even more incentive to stay put.

Finally, the Fed raised rates in March, which will likely impact mortgage rates. Higher mortgage rates reduce buying power. Between reduced buying power and increasing prices, time is not on the side of buyers right now. Those who are ‘waiting it out’ may be waiting a long time.

Here are the numbers for March 2018. If you are curious about your Palo Alto home value, you can receive a free online estimate, or request a custom evaluation which we are happy to give to you, free, without the hard sales pitch.

 

Mar-18 % Change Year Over Year Rolling 3 Month Average
Median Sales Price ($USD) $3,375,000 22.1%
Overbids (%) 113.10% 5.9%
New Listings (#) 39 0.88%
Homes Sold (#) 41 29.09%
Months of Inventory 0.7 -34.48%
Median Days on Market (DOM) 9 -66.27%
Average Days on Market (DOM) 12 -64.00%

Median Sales Price – Palo Alto SFR

 

Ratio of List Price to Sold Price (Overbids) – Palo Alto SFR

Number of New Listings vs Sold Listings, Palo Alto SFR

 

Months of Inventory – Palo Alto SFR

Median and Average Days on Market (DOM) – Palo Alto SFR

 

Palo Alto Closed Sales since 1/1/2018

Street Address Close Date Price/SqFt Sale Price RATIO Close Price By List Price DOM Beds Total Bths Sq Ft Total Lot Size
3120 Alexis Drive 3/28/18 923.13 $8,749,440 0.952 22 7 9|2 9,478 27,660 Lot SqFt
567 Alger Drive 3/14/18 1,604.37 $3,305,000 1.277 9 4 3|0 2,060 6,456 Lot SqFt
926 Amarillo Avenue 3/16/18 2,352.71 $2,388,000 1.201 13 2 2|0 1,015 6,018 Lot SqFt
1989 Barbara Drive 4/11/18 2,333.33 $5,600,000 1.121 8 4 2|0 2,400 11,610 Lot SqFt
183 Bryant Street 1/9/18 1,137.90 $2,888,000 1 20 5 3|1 2,538 900 Lot SqFt
2140 Bryant Street 4/10/18 3,068.23 $7,600,000 0.921 12 4 4|0 2,477 10,000 Lot SqFt
359 Campesino Avenue 3/28/18 1,421.35 $4,500,000 0.979 15 5 5|1 3,166 7,666 Lot SqFt
1133 Channing Avenue 4/6/18 1,932.09 $3,215,000 1.109 15 3 2|0 1,664 5,250 Lot SqFt
1532 Channing Avenue 2/26/18 1,684.21 $3,200,000 1.186 8 3 2|0 1,900 6,320 Lot SqFt
1914 Channing Avenue 4/4/18 1,714.32 $2,845,765 1.095 10 3 2|0 1,660 6,691 Lot SqFt
781 Channing Avenue 1/30/18 1,386.14 $4,900,000 1.001 10 5 4|1 3,535 10,400 Lot SqFt
468 E Charleston Road 3/8/18 1,323.69 $2,380,000 1.267 8 3 2|0 1,798 6,084 Lot SqFt
438 Chaucer Street 1/29/18 1,536.38 $7,199,500 1.03 12 4 4|1 4,686 14,210 Lot SqFt
555 Chaucer Street 4/10/18 1,993.94 $7,900,000 0.952 101 5 5|1 3,962 11,562 Lot SqFt
770 Chimalus Drive 3/27/18 1,654.02 $3,705,000 1.236 8 4 3|0 2,240 6,349 Lot SqFt
759 Clara Drive 3/23/18 2,541.25 $3,080,000 1.233 10 3 2|0 1,212 6,800 Lot SqFt
230 College Avenue 3/21/18 1,684.21 $3,200,000 1.186 3 5 4|0 1,900 7,500 Lot SqFt
280 Colorado Avenue 2/5/18 1,563.71 $4,688,000 1 20 5 4|0 2,998 8,250 Lot SqFt
280 Colorado Avenue 2/5/18 1,563.71 $4,688,000 1 5 4|0 2,998 8,250 Lot SqFt
871 Colorado Avenue 4/4/18 1,721.76 $2,500,000 1.031 14 2 1|0 1,452 5,457 Lot SqFt
3111 Cowper Street 2/8/18 2,511.77 $3,200,000 1.28 9 3 2|0 1,274 6,117 Lot SqFt
80 Crescent Drive 3/1/18 1,268.00 $7,750,000 0.969 6 5 6|0 6,112 12,790 Lot SqFt
1543 Dana Avenue 1/4/18 2,125.34 $3,900,000 0.976 12 4 3|0 1,835 7,200 Lot SqFt
952 El Cajon Way 2/22/18 1,596.87 $2,860,000 1.439 0 4 2|0 1,791 7,595 Lot SqFt
975 El Cajon Way 2/1/18 1,720.56 $2,820,000 1 0 4 2|0 1,639 6,510 Lot SqFt
325 Fernando Avenue 2/12/18 1,228.12 $1,642,000 1.177 7 4 2|0 1,337 3,104 Lot SqFt
864 Fielding Court 3/26/18 2,286.88 $3,085,000 1.187 9 3 1|0 1,349 7,210 Lot SqFt
434 Fulton Street 3/7/18 2,387.68 $3,720,000 1.241 7 3 2|0 1,558 4,108 Lot SqFt
629 Glenbrook Drive 3/26/18 1,770.94 $3,425,000 1.147 43 3 3|0 1,934 11,425 Lot SqFt
3107 Greer Road 3/16/18 2,291.83 $2,301,000 1.278 29 3 1|0 1,004 6,240 Lot SqFt
3432 Greer Road 3/27/18 2,143.35 $3,080,000 1.34 8 3 2|0 1,437 7,106 Lot SqFt
1151 Guinda Street 1/4/18 1,670.84 $4,000,000 1 0 4 3|0 2,394 7,597 Lot SqFt
1220 Hamilton Avenue 4/13/18 2,006.20 $4,205,000 1.052 8 2 2|0 2,096 7,750 Lot SqFt
1815 Hamilton Avenue 2/12/18 2,194.43 $3,860,000 1.354 9 3 2|0 1,759 6,882 Lot SqFt
1879 Hamilton Avenue 2/15/18 2,247.61 $3,050,000 1.054 9 3 2|0 1,357 6,873 Lot SqFt
2019 Harvard Street 4/2/18 1,534.79 $2,250,000 0.918 71 3 3|0 1,466 3,453 Lot SqFt
167 Hawthorne Avenue 3/5/18 1,708.00 $3,375,000 1.169 9 3 2|1 1,976 4,056 Lot SqFt
553 Hilbar Lane 4/5/18 1,751.63 $3,498,000 1.171 12 4 3|0 1,997 7,038 Lot SqFt
525 Jackson Drive 3/15/18 1,931.03 $4,200,000 1.168 7 4 3|0 2,175 8,417 Lot SqFt
555 Jefferson Drive 3/9/18 2,595.05 $4,300,000 1.147 9 3 3|0 1,657 11,919 Lot SqFt
355 Kingsley Avenue 1/2/18 1,813.07 $1,775,000 0.937 44 2 1|0 979 1,496 Lot SqFt
2870 Kipling Street 1/8/18 2,854.51 $3,100,000 1 0 3 1|0 1,086 6,569 Lot SqFt
817 & 819 Kipling Street 2/22/18 2,383.65 $2,100,000 1.239 9 2 2|0 881 2,829 Lot SqFt
4276 Los Palos Avenue 1/10/18 1,875.32 $3,670,000 1.471 11 4 3|0 1,957 9,480 Lot SqFt
3642 Louis Road 4/2/18 1,983.00 $2,800,000 1.173 7 3 2|0 1,412 7,374 Lot SqFt
3787 Louis Road 2/17/18 1,504.27 $4,400,000 1.005 0 5 4|1 2,925 8,256 Lot SqFt
144 Lowell Avenue 2/27/18 1,799.19 $3,100,000 1.241 9 3 2|0 1,723 5,000 Lot SqFt
846 Lytton Avenue 4/3/18 1,442.51 $3,400,000 0.971 15 4 2|1 2,357 7,500 Lot SqFt
613 Marion Place 3/8/18 1,393.58 $3,300,000 1.101 8 5 3|0 2,368 7,646 Lot SqFt
280 Matadero Avenue 3/6/18 1,658.63 $2,065,000 1.09 19 3 1|0 1,245 6,000 Lot SqFt
281 W Meadow Drive 2/28/18 1,424.30 $2,626,400 0.909 62 4 2|0 1,844 7,268 Lot SqFt
535 E Meadow Drive 4/10/18 1,785.71 $2,700,000 1.23 9 4 2|0 1,512 6,001 Lot SqFt
867 E Meadow Drive 3/28/18 1,464.86 $2,480,000 1.24 15 3 2|0 1,693 6,712 Lot SqFt
786 Melville Avenue 3/6/18 1,516.40 $5,500,000 1 0 5 5|0 3,627 7,622 Lot SqFt
822 Mesa Court 3/5/18 1,095.89 $3,520,000 1.178 20 5 3|1 3,212 20,411 Lot SqFt
640 Middlefield Road 4/9/18 1,866.48 $3,285,000 1.097 0 3 3|0 1,760 3,750 Lot SqFt
711 Moreno Avenue 3/27/18 2,720.08 $2,818,000 1.282 8 3 1|0 1,036 8,082 Lot SqFt
879 Moreno Avenue 3/1/18 2,777.28 $3,105,000 1.243 8 3 2|0 1,118 6,862 Lot SqFt
471 Nevada Avenue 1/11/18 1,437.74 $6,500,000 0.891 0 5 5|2 4,521 8,970 Lot SqFt
1087 Newell Road 3/29/18 1,834.86 $3,000,000 1.035 7 3 2|0 1,635 6,117 Lot SqFt
1725 Newell Road 4/12/18 1,813.75 $4,958,800 1.022 25 4 3|1 2,734 7,256 Lot SqFt
1800 Newell Road 4/6/18 2,093.40 $3,900,000 1.301 8 3 3|0 1,863 7,433 Lot SqFt
1115 Oregon Avenue 2/21/18 1,966.53 $2,350,000 1 13 3 2|0 1,195 6,246 Lot SqFt
2972 Otterson Court 3/20/18 1,774.49 $2,880,000 1.153 8 3 2|0 1,623 6,493 Lot SqFt
301 Oxford Avenue 3/28/18 2,555.65 $3,100,000 1.109 10 3 2|0 1,213 5,000 Lot SqFt
1176 Palo Alto Avenue 1/8/18 1,769.13 $4,000,000 0.954 47 3 2|1 2,261 9,996 Lot SqFt
121 Park Avenue 3/8/18 1,225.26 $3,900,000 0.978 16 5 4|1 3,183 5,000 Lot SqFt
5 Phillips Road 1/26/18 2,043.37 $4,900,000 0.98 0 3 2|1 2,398 12,863 Lot SqFt
3151 Ramona Street 3/6/18 1,447.83 $2,900,000 1 0 3 2|0 2,003 9,828 Lot SqFt
3665 Ramona Circle 3/28/18 1,913.73 $3,150,000 1.087 0 4 2|0 1,646 6,398 Lot SqFt
2764 Randers Court 3/16/18 1,319.51 $4,200,000 0.959 37 5 4|0 3,183 6,014 Lot SqFt
4160 Rincon Circle 4/9/18 3,736.04 $3,680,000 1.32 7 2 1|0 985 15,622 Lot SqFt
4180 Rincon Circle 4/3/18 2,132.34 $4,838,283 1.277 8 3 2|0 2,269 25,138 Lot SqFt
3374 Ross Road 3/22/18 2,301.78 $3,501,000 1.208 10 3 1|1 1,521 11,672 Lot SqFt
3519 Ross Road 2/21/18 1,510.83 $2,650,000 1.105 0 4 2|0 1,754 8,697 Lot SqFt
465/469 Ruthven Avenue 1/5/18 1,750.00 $3,500,000 1.001 4 4 3|0 2,000 7,500 Lot SqFt
853 San Jude Avenue 3/29/18 1,407.09 $3,650,000 1.222 7 4 3|0 2,594 6,434 Lot SqFt
881 San Jude Avenue 4/4/18 2,619.05 $2,750,000 1.101 13 2 1|0 1,050 7,011 Lot SqFt
866 Seale Avenue 3/15/18 1,757.79 $5,588,000 0.933 21 4 4|0 3,179 9,514 Lot SqFt
975 Shauna Lane 3/22/18 1,346.32 $3,110,000 1.041 9 4 3|0 2,310 9,130 Lot SqFt
2290 South Court 2/21/18 1,855.80 $4,350,000 1.451 11 4 2|0 2,344 6,300 Lot SqFt
2333 South Court 3/8/18 1,969.58 $5,050,000 1.011 15 4 3|1 2,564 6,300 Lot SqFt
444 Tennessee Lane 1/11/18 1,653.12 $2,440,000 1.251 6 3 1|0 1,476 7,130 Lot SqFt
156 Tennyson Avenue 4/10/18 1,747.25 $3,180,000 1.097 9 3 2|0 1,820 5,000 Lot SqFt
650 Toyon Place 3/7/18 1,672.38 $3,512,000 1.171 12 4 2|1 2,100 7,535 Lot SqFt
1531 University Avenue 3/13/18 1,047.60 $5,238,000 1.048 6 5 7|1 5,000 15,000 Lot SqFt
155 Washington Avenue 3/2/18 2,973.79 $2,950,000 1.135 8 2 1|1 992 5,850 Lot SqFt
460 Washington Avenue 4/10/18 2,877.86 $7,540,000 1.006 21 3 3|1 2,620 12,060 Lot SqFt
101 Waverley Street 4/11/18 2,199.47 $5,800,000 0.969 9 3 2|1 2,637 11,250 Lot SqFt
2170 Waverley Street 3/29/18 2,822.58 $9,100,000 1.013 16 4 3|1 3,224 13,954 Lot SqFt
2561 Waverley Street 4/6/18 1,424.11 $3,650,000 1.043 8 4 3|0 2,563 6,047 Lot SqFt
244 Webster Street 2/14/18 1,633.44 $2,950,000 1.18 9 4 2|0 1,806 5,149 Lot SqFt
367 Whitclem Place 3/29/18 2,283.67 $3,510,000 1.172 9 4 2|0 1,537 13,926 Lot SqFt