Month-over-Month Changes

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

  • Homes Sold: There was a 7% increase in homes sold, with 29 homes sold in October compared to 27 in September.
  • Median Sale Price: The median sale price rose by 8%, from $3,170,000 in September to $3,420,000 in October.
  • Days on Market (DOM): The DOM decreased, dropping to 8 days in October from 12 days in September.
  • Percentage of List Price Received: Sellers received an average of 104% of their asking price in October, up from 101% in September.

Analysis: 

The month-over-month data indicates a strengthening market in Palo Alto. The increase in homes sold and the rise in median sale prices, coupled with a decrease in DOM and a higher percentage of list price received, suggest growing demand and a competitive market for sellers.

Year-over-Year Comparison

Comparing October 2023 to October 2022, we observe the following changes:

  • Homes Sold: Increased by 32%, from 22 homes sold in October 2022 to 29 in October 2023.
  • Median Sale Price: Slightly decreased by 2%, from $3.51M in October 2022 to $3.42M in October 2023.
  • Days on Market: Reduced marginally from 9 days in October 2022 to 8 days in October 2023.
  • Percentage of List Price Received: Increased slightly from 103% in October 2022 to 104% in October 2023.
  • Months of Inventory: Decreased from 2.1 in October 2022 to 1.7 in October 2023.

Analysis: 

Year-over-year, the Palo Alto market has seen a significant increase in the number of homes sold, indicating a robust demand. Despite a slight decrease in median sale prices, the market remains strong, with homes selling faster and sellers receiving more than their asking price on average.

Price Points and Quadrants

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

  • Top Quadrant: 8 homes sold, Median Sale Price: $4,500,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,718.
  • Second Quadrant: 7 homes sold, Median Sale Price: $3,530,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,787.
  • Third Quadrant: 7 homes sold, Median Sale Price: $3,185,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,892.
  • Bottom Quadrant: 7 homes sold, Median Sale Price: $2,450,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,678.

Analysis:

The data shows that all quadrants are active in the Palo Alto market, with the top quadrant seeing the highest median sale price. The relatively quick DOM across all quadrants indicates a strong market for sellers, with high demand across various price points.

Conclusion

The Palo Alto real estate market in October 2023 demonstrated a vibrant and competitive landscape. The increase in homes sold both month-over-month and year-over-year, along with the quick sales cycle and sellers receiving more than their asking price, signifies a strong seller’s market. The quadrant data offers valuable insights, highlighting a consistent demand across different price ranges.

 

Data provided by MLSListings and is deemed reliable but not guaranteed.