Month-over-Month Changes

In November 2023, the Palo Alto real estate market experienced several notable changes compared to October 2023:

  • Homes Sold: There was a significant decrease, with 18 homes sold in November 2023, down 40% from 30 sales in October 2023.
  • Median Sale Price: The median sale price decreased by 15%, from $3,410,000 in October 2023 to $2,885,000 in November 2023.
  • Days on Market (DOM): The DOM rose to 11 days in November 2023, up from 8 days in October 2023.
  • Percentage of List Price Received: Sellers received 103% of their asking price in November 2023, slightly down from 105% in October 2023.

Analysis

The month-over-month data indicates a cooling trend in the Palo Alto market. The significant drop in homes sold and the decrease in median sale price suggest a shift towards a more balanced market. However, the fact that sellers still received above their asking price points to ongoing demand.

Year-over-Year Comparison

Comparing November 2023 to November 2022, the Palo Alto market showed the following changes:

  • Homes Sold: Decreased by 28%, from 25 homes sold in November 2022 to 18 in November 2023.
  • Median Sale Price: Dropped from $3.30M in November 2022 to $2.89M in November 2023.
  • Days on Market: Increased slightly from 12 days in November 2022 to 11 days in November 2023.
  • Percentage of List Price Received: Improved marginally from 102% in November 2022 to 103% in November 2023.

Analysis

Year-over-year, the Palo Alto market has seen a decrease in the number of homes sold and a reduction in median sale prices, indicating a potential shift in market dynamics. However, the relatively stable DOM and increased percentage of list price received suggest that while the market may be cooling, it remains competitive.

Price Points and Quadrants

The sales details for November 2023 were broken down by quadrants:

  • Top Quadrant: 5 homes sold, Median Sale Price: $4,320,000, Median DOM: 13, Avg. $/Sq.Ft.: $2,076.
  • Second Quadrant: 5 homes sold, Median Sale Price: $2,900,000, Median DOM: 13, Avg. $/Sq.Ft.: $1,822.
  • Third Quadrant: 4 homes sold, Median Sale Price: $2,690,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,935.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $2,462,500, Median DOM: 12, Avg. $/Sq.Ft.: $1,968.

Analysis

The quadrant data reveals a balanced activity across all price ranges in Palo Alto. The top and second quadrants, representing higher-priced homes, continue to see significant activity, indicating a sustained interest in premium properties.

Conclusion

The Palo Alto real estate market in November 2023 showed a decrease in homes sold and median sale prices both month-over-month and year-over-year. Despite these changes, the market dynamics indicate a continued interest in Palo Alto properties, especially in the higher price segments. The data provides valuable insights for both buyers and sellers, highlighting the competitive nature of the market across various price points.

Data provided by MLS Listings and is deemed reliable but not guaranteed.