Month-over-Month Changes

The Palo Alto real estate market saw some changes in July 2023 compared to June 2023. Here’s a summary:

  • Homes Sold: 25 homes were sold, a 40% decrease from 42 sales the previous month.
  • Median Sale Price: There was a 3% decrease, from $3,400,000 in June to $3,300,000 in July.
  • Days on Market (DOM): The DOM stayed the same at 11.
  • Percentage of List Price Received: Sellers received 103% of their asking price, an increase from 101% in June.

These changes may indicate a slight slowing in the market, with fewer sales and a decrease in prices.

Year-over-Year Comparison

Comparing July 2023 to July 2022, the following year-over-year changes were noted:

  • Homes Sold: Decreased by 4%, from 26 to 25.
  • Homes Listed: Decreased by 20%, from 44 to 35.
  • Median Sale Price: Increased by 1%, from $3.25M to $3.30M.
  • Average Dollar per Square Foot: Decreased by 4%, from $2061 to $1984.
  • Median Days on Market: No change, remaining at 11.
  • Months of Inventory: Decreased by 7%, from 1.5 to 1.4.

These statistics reflect a market with fewer listings and sales, with slightly higher prices and similar selling times compared to the previous year.

Price Points and Quadrants

The July 2023 sales details were broken down by quadrants:

  • Top Quadrant: 7 homes sold, Median Sale Price: $5,450,000, Median DOM: 31, Avg. $/Sq.Ft.: $2,203.
  • Second Quadrant: 6 homes sold, Median Sale Price: $3,455,000, Median DOM: 14, Avg. $/Sq.Ft.: $1,741.
  • Third Quadrant: 6 homes sold, Median Sale Price: $2,925,500, Median DOM: 9, Avg. $/Sq.Ft.: $1,864.
  • Bottom Quadrant: 6 homes sold, Median Sale Price: $2,125,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,845.

These details provide insights into the segments of the market that are most active, with an even distribution across the quadrants.

Conclusion

The Palo Alto market in July 2023 showed a decrease in sales and a slight decrease in prices compared to both the previous month and year. The breakdown by quadrants offers valuable insights for buyers and sellers, highlighting the competitive nature of the market.

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