Month-over-Month Changes

In April 2024, the Palo Alto real estate market experienced notable changes compared to March 2024:

  • Homes Sold: 43 homes were sold, a 34% increase from 32 sales the previous month.
  • Median Sale Price: The median sale price rose by 7%, from $3,565,000 in March 2024 to $3,806,000 in April 2024.
  • Days on Market (DOM): The average DOM remained unchanged at 8 days.
  • Percentage of List Price Received: Sellers received 107% of their asking price in April 2024, slightly down from 108% in March 2024.

Analysis

The month-over-month data shows a robust increase in sales, reflecting a high demand for homes in Palo Alto. The stable DOM indicates that homes are selling quickly, and the high percentage of list price received suggests that the market remains competitive with buyers willing to pay above the asking price.

Year-over-Year Comparison

Comparing April 2024 to April 2023, the following changes were noted:

  • Homes Sold: Increased by 59%, from 27 to 43.
  • Homes Listed: Increased by 16%, from 51 to 59.
  • Median Sale Price: Increased by 23%, from $3.10M to $3.81M.
  • Average Dollar per Sq. Ft.: Increased by 7%, from $1841 to $1968.
  • Median Days on Market: Remained the same at 8 days.
  • Percentage of List Price Received: Increased from 103% to 107%.
  • Months of Inventory: Decreased from 2.3 to 1.8.

Analysis

The year-over-year data underscores a significant surge in both sales and listings, accompanied by a substantial rise in the median sale price and average price per square foot. The steady DOM and high percentage of list price received further emphasize the strong seller’s market, characterized by limited inventory and high demand driving up prices.

Price Points and Quadrants

The sales details for April 2024 were broken down by quadrants:

  • Top Quadrant: Homes Sold: 11, Median Sale Price: $5,500,000, Median DOM: 11, Average $/Sq.Ft.: $1,743
  • Second Quadrant: Homes Sold: 11, Median Sale Price: $4,320,000, Median DOM: 8, Average $/Sq.Ft.: $1,752
  • Third Quadrant: Homes Sold: 10, Median Sale Price: $3,400,000, Median DOM: 9, Average $/Sq.Ft.: $1,943
  • Bottom Quadrant: Homes Sold: 11, Median Sale Price: $2,612,500, Median DOM: 8, Average $/Sq.Ft.: $2,157

Analysis

The data indicates active market segments across all quadrants, with the highest activity seen in the top and second quadrants. The strong performance in these price ranges suggests a high demand for more expensive properties, which is a positive indicator for sellers in these segments. The competitive pricing and relatively short DOM across all quadrants reflect a dynamic and vigorous real estate market in Palo Alto.

Conclusion

The Palo Alto real estate market in April 2024 exhibited a marked increase in sales and median sale prices compared to both the previous month and the previous year. The consistent DOM and high percentage of list price received highlight a competitive market with strong buyer demand. The detailed analysis of price points and quadrants shows robust activity across all segments, particularly in higher price ranges, indicating favorable conditions for sellers.

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