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Lot sizes over 150,000 sf are excluded from the statistics to prevent the uncommon sale from pushing the average much higher than the median. A brand new condo typically sells for a premium price compared to a similar sized condo in the same neighborhood. When looking at average condo prices, the average age should be checked to see if prices are changing because of demand or because different types of condos are being sold. Homes in East Palo Alto receive 1 offers on average and sell in around 42 days. The average sale price of a home in East Palo Alto was $780K last month, down 17.8% since last year. The average sale price per square foot in East Palo Alto is $723, down 10.5% since last year.
After a year of record sale prices in 2021, home values in most Bay Area cities have continued to climb in 2022 as low inventory and a large number of anxious buyers drive up the market. Among the 116 homes on the market, 11 were "leftovers" from last year — mainly around the $4.5 million-plus price point. About 32 of these single-family homes officially sold, a 53% decline from the same period last year.
East Palo Alto Housing Market Trends
The impact of the federal tax law changes on the property market is yet to be seen. Moreover, given the high home prices, it's not practical for entry-level buyers to limit borrowing to $500,000 to get into Palo Alto anyway. In fact, most young families take a home loan ranging from $1 million to $2 million. In November 2022, East Palo Alto home prices were down 17.8% compared to last year, selling for a median price of $780K.
Learn about natural hazards and environmental risks, such as floods, storms, fires, droughts and heat risks that could impact homes in East Palo Alto. Sacramento was the most popular destination among East Palo Alto homebuyers followed by Los Angeles and Seattle. 76% of East Palo Alto homebuyers searched to stay within the East Palo Alto metropolitan area.
Old Palo Alto Real Estate Trends - Lot Size of Houses Sold
Work with a top Palo Alto real estate agent to figure out the best selling strategy and start bidding wars on your home. Check out HomeLight’s Quarterly Top Agent Insights report, a national survey of over 500 top real estate agents. Hear what agents are saying across the country and make smarter decisions when buying or selling a home.
Even for the $4 million "entry-level" homes, the number of offers came down to only two to three. With too many buyers chasing too few homes as the spring selling season takes off, however, it remains unseen whether the market will take a turn. Short summary of 4 key Palo Alto real estate trends for condos which can be printed.
Yearly Average Size of Old Palo Alto & Palo Alto Houses Sold
On average, homes in East Palo Alto sell after 44 days on the market compared to 33 days last year. Palo Alto is in the top five most expensive cities in America, and that starts right with housing prices. The median home value in Palo Alto is $2 million or more, and just over 55% of residents are homeowners.
Standard 20 gallon trash and recycling barrels cost an average of $27 per month for weekly pickup. Businesses and large residents may need to spend between $50 and $150 per month for 32 and 96-gallon barrels, respectively. Utilities are expensive in Palo Alto, and they are generally 8% more expensive than the national average. Basic utilities cost $162 per month, on average, and that’s before the cost of cable and internet bills. Internet plans cost an average of $64 per month, but they can cost as little as $19.99 per month with some providers.
One of the most expensive corners of California is the famed Silicon Valley, and Palo Alto stands out in the pack. Palo Alto holds 65,364 residents, and they pay high housing costs for the luxury of living in a beautiful and cultured city. NeighborhoodScout's data show that during the latest twelve months, Palo Alto's appreciation rate, at 14.22%, has been at or slightly above the national average.
The behavior of buyers and sellers can be somewhat different depending on the price of the townhouse. There are times when low to mid-range townhouses are selling quickly but higher priced townhouses aren't or the reverse may be true. It can take several years for a townhouse development to begin selling but it was surely built to target expected demand. Looking at the average size of townhouses being sold can provide additional insight into the townhouse real estate market. Many people look at "Days On Market", the average number of days a townhouse is offered for sale before it sells, to spot changes in the townhouse real estate market. Increasing DOM implies buyers are not being as competitive to buy townhouses.
There were 503 new listings as of Dec. 1, a 14 percent decline from the same period last year. This is likely to be the lowest number of new listings since 1998, when multiple listing data became available digitally. Click on the risks below to learn which exist in East Palo Alto today and how they’ll change by 2050. Explore how many homes are likely to flood in nearby cities, compared to . Flood risk in East Palo Alto is increasing faster than the national average.
Looking at price per square foot gives a partial adjustment for differences between houses. Furthermore if you look at the average size of a Old Palo Alto house sold you will see that it varies with time. All homes sold in these three Midpeninsula cities stayed at the market for only seven to eight days, leaving buyers no time to hesitate, but rather aggressively overbid. If, however, we have to use it as a reference, Palo Alto's single-family homes were overbid by 14%, Los Altos' by 25%, and Menlo Park's by 6% year to date.
Find a top agent with a proven track record of selling homes faster than their peers or who can help you find your dream home, no matter how quickly their market moves. Driving in Palo Alto is expensive due to the high cost of gasoline and car insurance premiums. Right now, gasoline costs up to $3.50 per gallon, and congested traffic in Palo Alto eats up gas. Your current cheapest option for gasoline is $2.89 per gallon, but gas prices change week to week. You can still save money by renting over buying as rent costs are often lower than Palo Alto ownership costs.
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