Table of Content
- Quarterly Average and Median Price of Old Palo Alto Townhouses Sold
- More Real Estate Resources for East Palo Alto
- Quarterly Average Price Per Square Foot for Palo Alto Townhouses
- Quarterly Number & Price Per SqFt of Old Palo Alto Townhouses Sold
- Yearly Minimum Palo Alto Price of Houses Sold
- Zip Codes in Palo Alto, CA
Homes include single family houses as well as apartment and condominium units. At the high end, buyers become more demanding on location and lot size. All have large lots, bigger than 10,000 square feet, on ideal streets in Old Palo Alto and Crescent Park. Homes settled below $3.5 million normally attracted multiple offers and the number ranged from two offers to close to 30 on each listing. Severe competition among buyers at this price range tend to drive selling prices up significantly above listing prices. The 2017 Palo Alto property market took a surprising upturn from a soft 2016.
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.
Quarterly Average and Median Price of Old Palo Alto Townhouses Sold
Looking at the average size of condos being sold can provide additional insight into the condo real estate market. The average sales price of townhouses is typically affected by the average size of the townhouses sold. If a new development comes up for sale, the average size can be affected which in turn affects the average sales price. This same development may affect statistics a second time about five years later if many of the first purchasers decide to sell and move to a bigger home. Looking at price per square foot gives a partial adjustment for changes in the typical townhouse sold.
County tax rates only apply 0.25% in Santa Clara County, and that goes with the 6% sales tax rate. The rest of the sales tax rate in Palo Alto comes from the 2.75% special rate bringing it up to 9%. If you want to save, avoid neighborhoods in Palo Alto such as College Terrace where the rent averages $3,867 per month.
More Real Estate Resources for East Palo Alto
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.
The median price of all sold homes in Palo Alto as of Dec. 1 reached a new high of $2.67 million, an 11 percent increase from 2016. Limited supply coupled with strong demand both domestically and internationally were the main drivers. Our seller team also gets current knowledge about what problems buyers are currently facing and how the problems are minimized. If a buyer makes an offer to buy your home but runs into problems getting a loan, we can help with expert current advice. Since our buyer team gets potential buyers from our seller team, they want our seller team to be successful and knowledgeable about issues buyers are facing. Our buyer team can represent buyers while our seller team can represent sellers without a conflict of interest or loyalty.
Quarterly Average Price Per Square Foot for Palo Alto Townhouses
Each quarter, Fannie Mae and Freddie Mac provide their most recent mortgage transactions to the FHFA. These data are combined with the data of the previous 29 years to establish price differentials on properties where more than one mortgage transaction has occurred. These resultant neighborhood appreciation rates are a broad measure of the movement of single-family house prices. The appreciation rates serve as an accurate indicator of house price trends at the neighborhood level. When trying to understand the Old Palo Alto real estate market, it is useful to take a look at the extremes of the sales price range.
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.
Quarterly Number & Price Per SqFt of Old Palo Alto Townhouses Sold
The median home value in Palo Alto is $2 million, and the average homeowner spends $4,000 in monthly ownership costs. Currently, 55.1% of Palo Alto residents own their homes, and the rest spend $2,471 on rent every month. Groceries are 48% more expensive in Palo Alto than the national average, and families spend $1,282 per month, on average. In the last 10 years, Palo Alto has experienced some of the highest home appreciation rates of any community in the nation. If you are a home buyer or real estate investor, Palo Alto definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
When looking at average townhouse prices, the average age should be checked to see if prices are changing because of demand or because different types of townhouses are being sold. When trying to understand the Palo Alto real estate market, it is useful to take a look at the extremes of the sales price range. Looking at the average lot size of houses being sold can provide additional insight into the Old Palo Alto real estate market. Lot sizes over 100,000 sf are excluded from the statistics to prevent the uncommon sale from pushing the average much higher than the median. So far I've talked about buying real estate because it is not as well understood by home buyers as selling real estate is. The Juliana Lee Team has one of the most prominent real estate websites in Silicon Valley.
You will also have to resolve any problems that pop-up so that escrow can close. With easy access to work, good schools and abundant family amenities, Palo Alto, Los Altos and Menlo Park remain the ultimate upgrade destination for Silicon Valley engineers. And rising mortgage interest rates so far have only provided more incentive for buyers to act fast. With big tech firms losing more than 40% of their stock value, however, our local housing market could show signs of a slowdown.
Caltrain costs are split up into zones and stops, and discounted tickets are available. You can buy Clipper Cards that save you $0.55 per pass, and that adds up. Monthly passes provide a great value and cost between $96 and $433 per passenger. Groceries cost 48% more in Palo Alto than the American average, and that makes for big bills at the store. Basic essential groceries such as milk cost up to $3.80 per gallon, and the national average is $2.27.
However, the high cost of living affords you one of the most unique cities on the west coast. Let’s take a look at how much it costs to live in Palo Alto, California. It’s a place to connect with a local agent, explore financing solutions, schedule home tours, understand your buying and selling power, and more. ClimateCheck™ analyzes a property's risk from climate change using the latest modeling and data from climate scientists, universities, and federal agencies.
More townhouses being sold over list price is a very good indicator of rising demand for townhouses. More townhouses being sold under list price is a very good indicator of falling townhouse demand. Old Palo Alto townhouse buyers and sellers want to know the typical relationship between list price and sales price. More townhouses being sold over list price is a very good indicator of rising townhouse prices. More townhouses being sold under list price is a very good indicator of falling townhouse prices.
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