Filed under: Palo Alto Real Estate
The week in numbers:
- 18 homes were listed this week, 15 single family homes and 3 condos. It is 2 less than last week. Same week last year 15 new homes were listed. The inventory of homes available for sale slightly increased from last week reaching 66 units.
- 17 new contracts were accepted this week while a year ago 15 homes went into pending state.
- 12 escrows were closed this week wand 14 homes change owners same week a year ago.
- Only 2 homes failed to sell and were taken off the market.
If you are planning to sell your home in 2012, now is the time to plan to prepare your home and pick the best sales strategy for you. Contact Elena or Michael Talis at 650.766.6100 for professional advice and consultation.
To receive Palo Alto Real Estate Report over e-mail follow this registration link.
To see all current Palo Alto listings go to TalisRealEstate.com.
Use this link to see all Palo Alto Real Estate Market Weekly Reports.
| Street Address |
Status |
Bed |
Bath |
Orig. List Price |
List Price |
Sale Price |
List Date |
DOM* |
COE** |
| 253 ADDISON AVE |
Active |
2 |
1 |
$985,000 |
$985,000 |
|
5/10/2012 |
0 |
|
| 760 MATADERO AVE |
Active |
4 |
3 |
$1,880,000 |
$1,880,000 |
|
5/10/2012 |
0 |
|
| 711 PAUL AVE |
Active |
4 |
2 |
$1,250,000 |
$1,250,000 |
|
5/10/2012 |
0 |
|
| 3675 LA CALLE CT |
Active |
3 |
3.5 |
$1,925,000 |
$1,925,000 |
|
5/10/2012 |
0 |
|
| 524 EVERETT CT |
Active |
2 |
2.5 |
$4,295,000 |
$4,295,000 |
|
5/10/2012 |
0 |
|
| 3544 EMERSON ST |
Active |
4 |
2 |
$1,395,000 |
$1,395,000 |
|
5/10/2012 |
0 |
|
| 2361 LOUIS RD |
Active |
3 |
2 |
$1,488,000 |
$1,488,000 |
|
5/10/2012 |
0 |
|
| 4303 MIRANDA AVE |
Active |
3 |
1 |
$1,499,000 |
$1,499,000 |
|
5/9/2012 |
1 |
|
| 450 EL ESCARPADO |
Active |
6+ |
4+ |
$3,350,000 |
$3,350,000 |
|
5/9/2012 |
1 |
|
| 380 WILTON AVE |
Active |
3 |
2 |
$1,195,000 |
$1,195,000 |
|
5/9/2012 |
1 |
|
| 1451 COWPER ST |
Active |
2 |
1 |
$1,195,000 |
$1,195,000 |
|
5/9/2012 |
1 |
|
| 878 MORENO AVE |
Active |
5 |
3 |
$2,498,000 |
$2,498,000 |
|
5/9/2012 |
1 |
|
| 956 ADDISON AVE |
Active |
5 |
3.5 |
$4,498,000 |
$4,498,000 |
|
5/9/2012 |
1 |
|
| 745 OREGON AVE |
Active |
2 |
1.5 |
$899,000 |
$899,000 |
|
5/8/2012 |
2 |
|
| 2051 WAVERLEY ST |
Active |
5 |
4+ |
$11,495,000 |
$11,495,000 |
|
5/4/2012 |
6 |
|
| 886 CHIMALUS DR |
Active |
4 |
3.5 |
$2,600,000 |
$2,600,000 |
|
5/2/2012 |
8 |
|
| 405 MARLOWE ST |
Active |
4 |
3 |
$2,495,000 |
$2,649,000 |
|
8/24/2011 |
260 |
|
| 455 GRANT AVE UNIT 12 |
Active |
2 |
2 |
$600,000 |
$600,000 |
|
5/10/2012 |
0 |
|
| 435 SHERIDAN AVE UNIT 105 |
Active |
2 |
2 |
$898,000 |
$898,000 |
|
5/9/2012 |
1 |
|
| 4250 EL CAMINO REAL UNIT 129 |
Active |
1 |
1 |
$465,000 |
$465,000 |
|
5/9/2012 |
1 |
|
| 539 JEFFERSON DR |
Pending |
5 |
4+ |
$2,195,000 |
$2,195,000 |
|
5/2/2012 |
7 |
6/8/2012 |
| 1514 WALNUT DR |
Pending |
3 |
2 |
$1,395,000 |
$1,395,000 |
|
4/26/2012 |
8 |
5/24/2012 |
| 3395 LOUIS RD |
Pending |
4 |
2 |
$1,495,000 |
$1,495,000 |
|
4/26/2012 |
8 |
5/18/2012 |
| 3196 KIPLING ST |
Pending |
4 |
2 |
$1,498,000 |
$1,498,000 |
|
4/26/2012 |
8 |
5/16/2012 |
| 770 GARLAND DR |
Pending |
3 |
2 |
$1,495,000 |
$1,495,000 |
|
4/25/2012 |
9 |
5/29/2012 |
| 3309 KENNETH DR |
Pending |
4 |
3 |
$1,598,000 |
$1,598,000 |
|
4/18/2012 |
8 |
5/25/2012 |
| 699 ASHTON AVE |
Pending |
3 |
1 |
$988,000 |
$988,000 |
|
4/14/2012 |
8 |
5/15/2012 |
| 3370 PARK BL |
Pending |
1 |
1 |
$508,888 |
$508,888 |
|
1/25/2012 |
100 |
6/4/2012 |
| 1920 BYRON ST |
Pending |
6+ |
4+ |
$5,098,000 |
$5,098,000 |
|
5/3/2012 |
3 |
5/18/2012 |
| 3263 MURRAY WAY |
Pending |
4 |
2.5 |
$1,798,000 |
$1,798,000 |
|
4/25/2012 |
9 |
6/2/2012 |
| 735 DOLORES ST |
Pending |
6+ |
4+ |
$3,795,000 |
$3,795,000 |
|
4/3/2012 |
32 |
6/2/2012 |
| 800 HIGH ST UNIT 115 |
Pending |
2 |
2 |
$998,000 |
$998,000 |
|
4/26/2012 |
7 |
5/23/2012 |
| 410 SHERIDAN AVE UNIT 444 |
Pending |
1 |
1 |
$499,000 |
$499,000 |
|
4/25/2012 |
8 |
5/14/2012 |
| 4153 EL CAMINO WAY UNIT F |
Pending |
3 |
2 |
$350,000 |
$350,000 |
|
5/1/2012 |
6 |
7/30/2012 |
| 425 GRANT AVE UNIT 29 |
Pending |
3 |
2 |
$699,000 |
$699,000 |
|
4/26/2012 |
8 |
6/14/2012 |
| 365 FOREST AVE UNIT 4C |
Pending |
3 |
2 |
$1,000,000 |
$1,000,000 |
|
4/19/2012 |
15 |
6/5/2012 |
| 4128 THAIN WAY |
Pending |
2 |
2 |
$929,000 |
$929,000 |
|
4/26/2012 |
8 |
6/5/2012 |
| 920 HAMILTON AVE |
Sold |
5 |
3 |
$2,995,000 |
$2,995,000 |
$2,990,000 |
4/25/2012 |
8 |
5/9/2012 |
| 175 HEATHER LN |
Sold |
4 |
3 |
$2,230,000 |
$2,230,000 |
$2,425,000 |
4/16/2012 |
10 |
5/9/2012 |
| 415 LOWELL AVE |
Sold |
5 |
2.5 |
$3,195,000 |
$3,195,000 |
$3,195,000 |
4/11/2012 |
14 |
5/4/2012 |
| 515 W CRESCENT DR |
Sold |
3 |
2 |
$1,920,000 |
$1,920,000 |
$2,200,000 |
3/28/2012 |
12 |
5/1/2012 |
| 1924 EDGEWOOD DR |
Sold |
4 |
3 |
$1,495,000 |
$1,495,000 |
$1,702,000 |
3/26/2012 |
10 |
5/4/2012 |
| 641 E MEADOW DR |
Sold |
3 |
2 |
$1,150,000 |
$1,150,000 |
$1,200,000 |
3/23/2012 |
5 |
5/7/2012 |
| 220 EL VERANO AVE |
Sold |
3 |
2 |
$1,090,000 |
$1,090,000 |
$1,320,000 |
3/14/2012 |
11 |
5/4/2012 |
| 2360 EMERSON ST |
Sold |
4 |
2 |
$2,350,000 |
$2,198,000 |
$2,125,000 |
3/8/2012 |
21 |
5/10/2012 |
| 126 FERNE AVE |
Sold |
2 |
2 |
$639,000 |
$639,000 |
$710,000 |
3/29/2012 |
7 |
5/4/2012 |
| 251 BRYANT ST |
Sold |
2 |
2.5 |
$825,000 |
$825,000 |
$960,000 |
3/28/2012 |
8 |
5/8/2012 |
| 1433 ALMA ST |
Sold |
2 |
1 |
$795,000 |
$795,000 |
$725,000 |
3/19/2012 |
15 |
5/4/2012 |
| 455 GRANT AVE UNIT 3 |
Sold |
2 |
2 |
$634,950 |
$634,950 |
$620,000 |
3/8/2012 |
28 |
5/8/2012 |
| 878 MORENO AVE |
Canceled |
5 |
3 |
$2,695,000 |
$2,695,000 |
|
4/10/2012 |
27 |
|
| 2441 COWPER ST |
Withdrawn |
2 |
1.5 |
$1,075,000 |
$1,075,000 |
|
4/24/2012 |
15 |
|
*DOM - Days On Market
**COE - Close Of Escrow
It seems like every day I see national headlines decrying the “struggling” housing market and questioning when things will finally turn around. And then we get to work and read the reports from Bay Area cities showing sales jumping and multiple offers for many if not most homes in a number of areas, and I wonder if we’re on the same planet.
The disconnect between the Bay Area housing market and what’s being reported on a national basis is getting stranger every day. In other parts of the country, agents and government officials are trying to figure out creative ways to rid their markets of a huge backlog of housing while buyers show little interest in jumping in to help. Then there’s the Bay Area, where the housing market is just the opposite.
Take, for example, a few of the reports this week from local agents on the frontlines:
- From Marin: “Multiple offers continue to be the name of the game, but the difference from the past markets is we are now seeing multiple offers in all price ranges, not just REOs and Short Sales.”
- One $1 million-plus Mill Valley home in Strawberry garnered 11 offers last week, and another priced at $1.35 million had six offers. Both are rumored to be in contract for almost $300,000 over list price.
- “Buyers are getting frustrated over not getting the property in multiple offer situations, even when going substantially over the list price.”
- From Los Altos: “We are selling more than we are listing in most price ranges. We had a healthy increase in the high end this past week with a $12 million and $7 million sale, several sales above $3 million and a dozen over $2 million.”
- “Inventories are at historic lows and the market continues to heat up!”
- From Walnut Creek: “We’re seeing multiple offers on most every listing that comes on the market. A condo in Walnut Creek received seven all cash offers!”
The same stories are being echoed in all parts of the Bay, from San Francisco and the Peninsula to San Jose to the East Bay, and not just the more expensive markets. Buyers are pounding the pavement, cash in hand and looking for good properties to buy – now, if not sooner.
Given the surging demand for housing you’d think sellers would be rushing to list their home, right? Guess again. The inventory of homes for sale is the lowest it has been in years, maybe even a decade, according to long-time industry observers. The result is that buyers are fighting it out for the few homes on the market listed by savvy sellers.
So what’s keeping the other sellers away when homes are going for great prices once again? Two things, both of which could come back to bite sellers who try to time the market:
1. A misunderstanding of the state of the housing market.
Perhaps they are reading the national headlines and still believe the market is in the doldrums, prices are still going down, and they don’t want to sell at bargain-basement prices. If so, they’re missing an incredible opportunity. We’re having a honest-to-goodness house party with lots of anxious buyers. But somehow, sellers never got their Evite.
2. They’re waiting for the Facebook IPO.
The thinking goes that once Facebook goes public, hundreds of employees will receive lucrative stock options which – eventually – they will be able to cash after the lockup period and then rush out to bid up prices for local homes. Wow, talking about betting on the come.
I’m not questioning the “Facebook effect” on the Silicon Valley housing market. Far from it, I think it certainly will have some impact on pricing at some point in some communities in the heart of the valley. But this strikes me as something like trying to time the stock market. I don’t know about you, but I’ve never been able to get that right. And I don’t think many others have as well.
The fact is that the real estate market has always come down to two simple factors: the law of supply and demand, and consumer confidence. Right now, both of those are telling me it’s a sellers’ market in the Bay Area. Consumers are feeling pretty darn confident as the economy picks up steam and the stock market presses higher. And the scales of supply and demand are tipping heavily in favor of sellers.
Smart, strategic sellers get that, and they’re making their moves now – not six months or a year from now. They’re the ones receiving multiple offers over their asking price because there just isn’t a lot of competition for buyers’ attention. They’re out there now, well before everyone else joins the party, tipping the scales back in favor of buyers once again.
If you are planning to sell your home in 2012, contact Elena or Michael Talis at 650.766.6100 for professional advice and consultation.
With complete disregard for the situation in Greece, G20 summit and stock market drop, Palo Alto real estate market resumed it's fall activities after last week slow-down. The number of homes available for sale continues to decrease reaching 66 units after dropping to 60 in the middle of the week. The number of new contracts continues to outpace new listings signaling on-going inventory shortage. Now, the week in numbers:
- 12 homes were listed this week, 8 single family homes and 4 condos. There is currently 66 homes available for sale in Palo Alto.
- 14 new contracts were accepted and homes went into pending state.
- 15 homes closed escrows this week vs. only 3 last week returning to the numbers we saw most of this year..
- 4 homes failed to sell and were taken off the market.
Contact Elena and Michael Talis at 650.766.6100 for a consultation about buying or selling your home.
To receive Palo Alto Real Estate Report over e-mail follow this registration link.
To see all current Palo Alto listings go to TalisRealEstate.com.
Use this link to see all Palo Alto Real Estate Market Weekly Reports.
| Street Address |
Status |
Bed |
Bath |
Orig. List Price |
List Price |
Sale Price |
List Date |
DOM* |
COE** |
| 1285 FOREST AVE |
Active |
4 |
3 |
$2,395,000 |
$2,395,000 |
|
11/03/11 |
1 |
|
| 1265 WILSON ST |
Active |
4 |
3 |
$2,795,000 |
$2,795,000 |
|
11/03/11 |
1 |
|
| 1158 DONNER LN |
Active |
4 |
3.5 |
$998,000 |
$998,000 |
|
11/03/11 |
1 |
|
| 4131 WILLMAR DR |
Active |
3 |
2 |
$1,388,000 |
$1,388,000 |
|
11/03/11 |
1 |
|
| 1800 WEBSTER ST |
Active |
5 |
4 |
$4,900,000 |
$4,900,000 |
|
11/03/11 |
1 |
|
| 3170 ROSS RD |
Active |
4 |
2.5 |
$1,600,000 |
$1,600,000 |
|
11/02/11 |
2 |
|
| 729 E CHARLESTON RD |
Active |
3 |
2 |
$1,198,000 |
$1,198,000 |
|
11/02/11 |
2 |
|
| 2030 PARK BL |
Active |
3 |
3 |
$1,790,000 |
$1,650,000 |
|
06/08/11 |
149 |
|
| 4054 VILLA VI |
Active |
2 |
2.5 |
$775,000 |
$775,000 |
|
11/01/11 |
3 |
|
| 435 SHERIDAN AVE UNIT 309 |
Active |
2 |
2 |
$849,000 |
$849,000 |
|
11/01/11 |
3 |
|
| 555 BYRON ST UNIT 207 |
Active |
2 |
2 |
$625,000 |
$625,000 |
|
11/01/11 |
3 |
|
| 440 CESANO CT UNIT 306 |
Active |
2 |
2 |
$624,900 |
$624,900 |
|
10/26/11 |
9 |
|
| 815 RICHARDSON CT |
Pending |
4 |
2 |
$1,298,000 |
$1,298,000 |
|
10/27/11 |
6 |
11/16/2011 |
| 2390 CARMEL DR |
Pending |
3 |
1 |
$998,000 |
$998,000 |
|
10/26/11 |
7 |
11/30/2011 |
| 753 COLORADO AVE |
Pending |
2 |
1 |
$845,000 |
$845,000 |
|
10/26/11 |
8 |
11/11/2011 |
| 750 WILDWOOD LN |
Pending |
3 |
2 |
$1,299,950 |
$1,299,950 |
|
10/26/11 |
7 |
11/24/2011 |
| 3879 MAGNOLIA DR |
Pending |
2 |
2 |
$1,095,000 |
$1,095,000 |
|
10/20/11 |
8 |
11/8/2011 |
| 2928 CLARA DR |
Pending |
3 |
2 |
$1,499,000 |
$1,499,000 |
|
10/19/11 |
9 |
12/2/2011 |
| 3401 PARK BL |
Pending |
2 |
1 |
$750,000 |
$700,000 |
|
07/13/11 |
69 |
11/4/2011 |
| 3798 LAGUNA AVE |
Pending |
5 |
3.5 |
$2,498,000 |
$2,498,000 |
|
10/20/11 |
14 |
12/27/2011 |
| 130 HEATHER LN |
Pending |
4 |
3 |
$1,950,000 |
$1,950,000 |
|
10/16/11 |
13 |
11/29/2011 |
| 1229 STANFORD AVE |
Pending |
4 |
2 |
$1,400,000 |
$1,335,000 |
|
09/20/11 |
37 |
11/18/2011 |
| 960 S CALIFORNIA AVE |
Pending |
4 |
3 |
$1,950,000 |
$1,799,000 |
|
09/13/11 |
49 |
11/21/2011 |
| 4250 EL CAMINO REAL UNIT 338 |
Pending |
2 |
1 |
$425,000 |
$425,000 |
|
09/22/11 |
17 |
11/8/2011 |
| 670 SAN ANTONIO RD UNIT 23 |
Pending |
3 |
2.5 |
$648,888 |
$615,000 |
|
08/04/11 |
73 |
11/30/2011 |
| 431 COLLEGE AVE |
Pending |
2 |
2 |
$639,000 |
$639,000 |
|
10/19/11 |
9 |
11/22/2011 |
| 2821 BRYANT ST |
Sold |
3 |
1.5 |
$1,150,000 |
$1,150,000 |
$1,400,000 |
10/12/11 |
7 |
10/28/2011 |
| 363 TENNESSEE LN |
Sold |
3 |
2 |
$998,000 |
$998,000 |
$1,249,000 |
10/05/11 |
8 |
11/3/2011 |
| 1668 HAMILTON AVE |
Sold |
4 |
2 |
$1,898,000 |
$1,898,000 |
$1,960,000 |
09/22/11 |
7 |
10/28/2011 |
| 396 STANFORD AVE |
Sold |
3 |
2 |
$1,298,000 |
$1,298,000 |
$1,475,000 |
09/22/11 |
8 |
10/28/2011 |
| 4033 CAMPANA DR |
Sold |
2 |
1 |
$1,100,000 |
$1,100,000 |
$1,325,000 |
09/22/11 |
7 |
11/3/2011 |
| 1810 MIDDLEFIELD RD |
Sold |
3 |
2 |
$1,298,000 |
$1,298,000 |
$1,320,000 |
09/14/11 |
14 |
10/31/2011 |
| 3140 EMERSON ST |
Sold |
3 |
2 |
$998,000 |
$998,000 |
$1,058,000 |
09/14/11 |
7 |
10/28/2011 |
| 983 LAWRENCE LN |
Sold |
4 |
3 |
$1,098,000 |
$1,098,000 |
$1,160,000 |
08/24/11 |
9 |
10/21/2011 |
| 4122 WISTERIA LN |
Sold |
3 |
2.5 |
$1,080,000 |
$1,080,000 |
$1,040,000 |
08/22/11 |
20 |
10/28/2011 |
| 562 FOREST AVE UNIT 7 |
Sold |
2 |
1.5 |
$775,000 |
$775,000 |
$775,000 |
10/28/11 |
0 |
10/28/2011 |
| 410 SHERIDAN AVE UNIT 105 |
Sold |
1 |
1 |
$485,000 |
$485,000 |
$470,000 |
09/28/11 |
16 |
10/31/2011 |
| 559 THAIN WAY |
Sold |
2 |
2 |
$648,000 |
$648,000 |
$648,000 |
09/14/11 |
9 |
10/27/2011 |
| 139 GREENMEADOW WAY |
Sold |
2 |
2 |
$629,000 |
$629,000 |
$610,000 |
08/25/11 |
24 |
10/18/2011 |
| 4250 EL CAMINO REAL UNIT D237 |
Sold |
2 |
1 |
$402,500 |
$385,000 |
$385,000 |
07/28/11 |
81 |
10/28/2011 |
| 3712 HERON WAY |
Sold |
3 |
3 |
$799,000 |
$799,000 |
$790,000 |
06/16/11 |
84 |
10/31/2011 |
| 3357 COWPER ST |
Expired |
4 |
2 |
$1,329,000 |
$1,329,000 |
|
07/20/11 |
104 |
|
| 644 SENECA ST |
Expired |
5 |
3 |
$4,400,000 |
$4,195,000 |
|
07/07/11 |
117 |
|
| 3455 PARK BL |
Expired |
4 |
3 |
$1,250,000 |
$1,199,000 |
|
06/15/11 |
138 |
|
| 1290 UNIVERSITY AVE |
Withdrawn |
4 |
3 |
$3,100,000 |
$3,100,000 |
|
09/08/11 |
53 |
|
*DOM - Days On Market
**COE - Close Of Escrow
There's good reason that over half of all Americans are homeowners. Social and financial benefits are key factors when it comes to deciding to buy. Homeownership allows people to grow wealth slowly over time, to hold assets that build equity, and to bring stability into chaotic lives.
Despite these facts, homeownership rates have taken a hits since the recession in 2009. Falling home prices along with reduced access to credit has kept many would-be buyers from entering the market. According to Morgan Stanley, the current homeownership rate is around 59.2%. This is lowest rate since the Census Bureau began tracking in 1965. Has this reduction been a fear-based one?
The top benefits of homeownership haven't changed, even in the face of a down economy. Here are the top five:
1. Savings: Be sure to check out the calculator at the end of this article. You'll find that long-term homeownership is still a way to get big savings.
2. Tax Breaks: They're not on the chopping block just yet. Many homeowners are still able to take the mortgage interest deduction (MID) each year, along with great rebates and credits associated with upgrades made to your home.
3. Equity: When you pay a landlord, it's money down the drain. When you pay on a mortgage, you are paying towards owning a piece of something. You may still owe $100,000, but perhaps the home is worth $200,000. This means you have $100,000 worth of equity you've built up over time.
4. Budgeting: Unless you live in a rent-controlled apartment (and not many do), then each lease renewal could mean a jump in prices. A fixed-rate mortgage, however, means your monthly payment is the same amount for the life of the loan. A $1,000 a month payment on a 30-year mortgage is that same now as it will be in 30 years!
5. Security: When you own, it's yours. You can paint, improve, and decorate. The trees and flowers are yours to enjoy -- for a lifetime if you wish. Most homeowners are in neighborhoods with other homeowners, meaning more time to build relationships and friendships. Recent studies have also shown that homeowners rank themselves as healthier than their renter counterparts.
Should you rent or buy? For a strictly financial evaluation, be sure to check out The New York Times' Interactive calculator to crunch the numbers. This advanced calculator takes into account everything from yearly costs to selling costs and broker fees.
Experts have recommended for years that if you're planning on staying put for 5+ years, buying becomes an increasingly better deal. You have time to recoup any extra expenses found in closing costs and are now making an investment in your future through home price appreciation. Once your mortgage is paid off, you'll have a real asset. That brings real stability.
Home affordability is at near record highs. Now is a good time to run the numbers and see if buying makes good financial sense. If it does, then you're in store for a wealth of benefits that only homeowners can experience.
If you're currently renting and have dreamed of owning a home, now may be the perfect time. Trulia.com is reporting that during the month of July, buying was cheaper than renting in 74% of the country's 50 largest cities.
However, in 12% of the cities, such as New York, Seattle, and San Francisco, you could rent a place for less than you could buy one. And in the rest of the cities (14%), it was about even, with renting being only slightly less than the cost of buying.
What's tipping the scale to make buying cheaper than renting? Of course, it's the declining home prices and historically low interest rates are also helping to encourage home buying. Recently, interest rates for 30-year and 15-year fixed have been hovering near 4%. Also, the increased demand for rental units is pushing rents up, making now a good time to buy as purchasing a home is cheaper than renting one in most major U.S. cities.
This is making purchasing a home enticing for those who are planning to stay for several years and have the ability to put down a downpayment of about 20 percent.
Where are the hot buying markets? Las Vegas tops the list. The S&P/Case-Shiller home price index, as reported by CNNMoney.com, shows that prices "have plunged more than 59% from their August 2006 peak."
Other markets where buying beats renting include Detroit, Michigan; Mesa, Arizona; and Fresno, California. All of these are places where the cost of a median price condo/townhouse is approximately seven times annual rent.
And as reported by CNNMoney.com, Arlington, Texas; Sacramento, California; Phoenix, Arizona; and Jacksonville, Florida, "all had buy-rent ratios of eight," according to Trulia.
New York is the highest city to rent a home (of the 50 markets surveyed). And to buy in that city would cost about 36 times as much, pushing the purchase price to about a million dollars.
If you're renting now and wondering is this the right time, it really depends on your particular circumstances. Timing the real estate market is never a perfect science. However, the indicators are strong that if you can afford to buy, today's market certainly offers many good opportunities.
Here are a few things to consider to help you make your decision.
The first is the length of time you'll stay in the home. Moves are costly and purchasing a home requires extra cash for commissions and closing costs. So, if you're not sure you can stay for a while, postponing buying might be the right choice. However, if you've been in your rental for a long time and have roots in your city, there are great deals on homes. It might be the right time for you to start paying your own mortgage instead of paying your landlord's mortgage.
How much downpayment? This is a critical concern. With stricter lending requirements, having cash to put down is a make-or-break factor in purchasing a home. Buyers often have to come up with 20% and that can be a big chunk (or even all) of a person's savings. Also, note that the money usually has to be "seasoned". In other words, the downpayment money can't just suddenly appear in your savings account only days before you decide to buy a home. Ask your real estate agent and loan officer for more details.
The best return on investment is replacement of the entry door netting 131.3% followed by replacement of the garage door (126.1%). The worst investment from the resale point of view is a backup generator with only 46.2% cost being recovered. You can find the rest of the data on the Remodelling Magazine site.
California boasted the highest number of cities where homes tended to spend the shortest amount of time on the market last month, based on March housing data from Realtor.com.
In Oakland, Calif., the average days on the market for listings was 50 in March--the least amount of days for median days on the market for the 146 markets reviewed.
Nationally, the median for homes for days on the market was 160 in March, which is an increase of 40 percent in a year.
Here is a list of the cities with the fewest median days on the market from March:
Oakland, Calif.
Median days on the market: 50
Median list price: $319,000
San Francisco
Median days on the market: 63
Median list price: $639,000
Denver
Median days on the market: 66
Median list price: $259,900
Iowa City, Iowa
Median days on the market: 66
Median list price: $187,500
Los Angeles-Long Beach, Calif.
Median days on the market: 70
Median list price: $345,000
Stockton-Lodi, Calif.
Median days on the market: 70
Median list price: $175,000
Bakersfield, Calif.
Median days on the market: 70
Median list price: $141,500
San Jose, Calif.
Median days on the market: 71
Median list price: $470,000
Anchorage, Alaska
Median days on the market: 71
Median list price: $279,975
Fresno, Calif.
Median days on the market: 71
Median list price: $170,000
Tulsa, Okla.
Median days on the market: 71
Median list price: $147,900
Palo Alto did not make it on the list - we are too small of a city to be included in the comparison. Palo Alto would beat all the cities for number 1 - the median days on the market was only 10 days in Palo Alto, median price of a home was $1,388,000. Note that Palo Alto sales data includes both single family homes and condominiums.
Check our updated web site — TalisRealEstate.com. New features include:
- Interactive map search and search by city options in property search
- Save and maintain your search criterias and favorite properties
- Receive saved search results updates over e-mail or RSS
- Search for properties by walking score, days on the market, foreclosure status as well as price drop, square footage and many other criteria
- 14 ways to sort the search results
- Live chat with a member of the team
Here are the results of the first week of 2011:
- As most would expect, the level of activity in the market during this holiday week was low - we don't expect many new listings until next week or the week after. Note that out of 13 listings in the active section, three were re-listed - see homes with DOM greater than 7 days. To get more details on newly listed properties follow the links from the table below.
- The sold properties were the results of the sale activities that took place as long as a month or more ago. Only six contracts got closed - one less than last week.
- What is significant is that seven properties went into contract even during this holiday week - the buyers are still out there looking for great properties. They are trying to take advantage of the decreased competition around the New Year.
Contact us at 650.766.6100 for additional information. Use this link to see all Palo Alto Market Weekly Reports.
| Street Address |
Status |
Bed |
Bath |
List Price |
Sale Price |
DOM* |
COE** |
| 3193 BRYANT ST |
Active |
3 |
2 |
$1,300,000 |
|
1 |
|
| 3858 MAGNOLIA DR |
Active |
3 |
2 |
$1,150,000 |
|
1 |
|
| 1125 OREGON AVE |
Active |
3 |
1 |
$775,000 |
|
1 |
|
| 886 MORENO AVE |
Active |
2 |
2 |
$988,000 |
|
1 |
|
| 2270 YALE ST |
Active |
3 |
2.5 |
$1,238,000 |
|
2 |
|
| 621 ARASTRADERO RD |
Active |
3 |
3 |
$1,298,000 |
|
4 |
|
| 959 ADDISON AVE |
Active |
6 |
3 |
$2,350,000 |
|
76 |
|
| 3740 EGRET LN |
Active |
3 |
2.5 |
$960,000 |
|
0 |
|
| 320 PALO ALTO AVE UNIT D1 |
Active |
2 |
2 |
$795,000 |
|
1 |
|
| 3712 HERON WAY |
Active |
3 |
3 |
$838,000 |
|
1 |
|
| 637 FOREST AVE |
Active |
2 |
1.5 |
$699,000 |
|
4 |
|
| 883 FEDERATION WAY UNIT 2 |
Active |
1 |
1 |
$449,900 |
|
143 |
|
| 455 FOREST AVE UNIT B |
Active |
4 |
3.5 |
$3,495,000 |
|
196 |
|
| 228 MIDDLEFIELD RD |
Sold |
3 |
1 |
$825,000 |
$825,000 |
3 |
12/31/2010 |
| 4080 PARK BL |
Sold |
3 |
1 |
$749,000 |
$803,000 |
9 |
12/6/2010 |
| 2330 ROSS RD |
Sold |
2 |
1.5 |
$1,298,000 |
$1,215,000 |
26 |
12/30/2010 |
| 3025 COWPER ST |
Sold |
4 |
3 |
$1,799,000 |
$1,715,000 |
41 |
12/29/2010 |
| 3022 WAVERLEY ST |
Sold |
4 |
2 |
$1,050,000 |
$1,220,000 |
82 |
1/4/2011 |
| 101 ALMA ST UNIT 708 |
Sold |
2 |
2 |
$560,000 |
$568,000 |
7 |
1/5/2011 |
| 3247 EMERSON ST |
Pending |
3 |
1 |
$975,000 |
|
39 |
1/14/2011 |
| 823 OREGON |
Pending |
4 |
3 |
$1,410,000 |
|
62 |
1/28/2011 |
| 601 MELVILLE AVE |
Pending |
6 |
3.5 |
$5,500,000 |
|
163 |
2/2/2011 |
| 685 HIGH ST UNIT 5B |
Pending |
2 |
2.5 |
$799,000 |
|
245 |
1/19/2011 |
| 777 SAN ANTONIO RD UNIT 97 |
Pending |
2 |
2 |
$449,000 |
|
274 |
12/17/2010 |
| 161 S CALIFORNIA AVE UNIT K200 |
Pending |
2 |
1.5 |
$579,000 |
|
63 |
2/4/2011 |
| 121 PETER COUTTS CIR |
Pending |
2 |
2 |
$528,000 |
|
76 |
2/3/2011 |
| 961 MADDUX DR |
Canceled |
5 |
2 |
$1,139,000 |
|
81 |
|
| 3838 NATHAN WAY |
Canceled |
4 |
2 |
$1,259,000 |
|
86 |
|
| 800 E CHARLESTON RD UNIT 24 |
Canceled |
2 |
2.5 |
$779,000 |
|
70 |
|
| 3712 HERON WAY |
Canceled |
3 |
3 |
$838,000 |
|
112 |
|
| 2460 W BAYSHORE RD UNIT 1 |
Canceled |
2 |
1 |
$399,999 |
|
135 |
|
| 4286 SUZANNE DR |
Expired |
4 |
3 |
$2,098,000 |
|
92 |
|
| 871 LYTTON AVE |
Expired |
3 |
2 |
$1,600,000 |
|
93 |
|
| 1432 DANA AVE |
Expired |
4 |
2.5 |
$2,095,000 |
|
102 |
|
| 106 RINCONADA AVE |
Expired |
4 |
2 |
$990,000 |
|
120 |
|
| 951 ADDISON AVE |
Expired |
6 |
4 |
$3,350,000 |
|
162 |
|
| 4178 KING ARTHUR CT |
Expired |
4 |
3 |
$1,999,000 |
|
212 |
|
| 1650 CHANNING AVE |
Expired |
3 |
2 |
$1,215,000 |
|
225 |
|
| 602 CHIMALUS DR |
Expired |
4 |
3 |
$1,689,000 |
|
295 |
|
| 415 W MEADOW DR |
Expired |
4 |
2.5 |
$1,315,000 |
|
365 |
|
| 1545 ALMA ST |
Expired |
2 |
2.5 |
$1,485,000 |
|
379 |
|
| 545 FULTON ST |
Expired |
1 |
1 |
$568,000 |
|
109 |
|
*DOM - Days On Market
**COE - Close Of Escrow
|
