October 16, 2007
Palo Alto: Almost a “Buyers Market”
In the last week, it appears that many Palo Alto homeowners decided to put their homes on the market –- “For Sale” signs are popping up all over. In a normal year, the best strategy would be to wait until spring to list a house, but some people may be betting on a sinking economy and they’ve decided to take a shot at selling now.
During the last two weeks, the Market Action Index dropped from 44 to 31, and the Median List Price fell almost $50,000.
Source: Altos Research for the week ending 9-28-07
Nicole said:
I still see good properties appropriately priced in the 94301 zip code still get snatched up within 1-2 weeks. For those of us who are not subscribers to Altos Research, what numbers do they use to deduce the Market Action Index number? How did it fall from a 44 to a 31 in a couple of weeks? Inventory levels did not change much during this time period (as your graphic shows above as well), so what are they basing it on?
October 16, 2007 4:30 PM