Home Values - Palo Alto Houses
Median and Average Home Price of Palo Alto Houses Sold
When trying to understand Palo Alto home values the first and most often real estate statistic looked at is either average or median home sales price. The average price can be pushed up by a particularly expensive home being sold. Much less often an especially low price for one or two homes can push the average price down. By looking at both average and median price a quick judgement can be made about any unusually high or low prices
Quarterly Median and Average Price of Palo Alto Houses Sold
Monthly Median and Average Price of Palo Alto Houses Sold
Price Per Square Foot for Palo Alto Houses Sold
The sales price of a Palo Alto house is affected by its size. Looking at price per square foot gives a partial adjustment for differences between houses. Furthermore if you look at the average size of a Palo Alto house sold you will see that it varies with time. Part of the variation is due to the random nature of which houses are being sold but there tends to be a increase in the size with time because when a house is replaced with a newer house, the newer house is almost always larger.
Quarterly Price Per Square Foot for Palo Alto Houses Sold
Monthly Price Per Square Foot for Palo Alto Houses Sold
Sales Price vs. List Price for Palo Alto Houses Sold
Home buyers and sellers want to know the typical relationship between list price and sales price. This relationship varies with city and time. The plots below show this relationship Palo Alto houses using color coding which generally highlights changes in the market. More Palo Alto homes being sold over list price is a very good indicator of rising home prices. More homes being sold under list price is a very good indicator of falling home prices.
Quarterly Sales Price vs. List Price for Palo Alto Houses Sold
Monthly Sales Price vs. List Price for Palo Alto Houses Sold
Number of Palo Alto Houses Sold
A quick estimate of how active the Palo Alto real estate market is can be found by looking at the number of houses sold. Locally there is a strong seasonal change in the number of houses sold. The lowest number of houses sold typically occurs around December & January. The highest number of houses sold typically occurs around May. Price changes do not track the seasonal change in the number of houses sold.
Days On Market for Palo Alto Houses Sold
Many people look at "Days On Market", the average number of days a house is offered for sale before it sells, to spot changes in the Palo Alto real estate market. Increasing DOM implies buyers are not being as competitive to buy homes. This statistic also tends to have a seasonal variation. DOM is typically greater late in the year. Variation in this statistic can make it difficult to use this statistic to predict either rising or falling house prices.
Quarterly Days On Market for Palo Alto Houses Sold
Monthly Days On Market for Palo Alto Houses Sold
Size of Palo Alto Houses Sold
The behavior of buyers and sellers can be somewhat different depending on the price of the house. There are times when low to mid-range homes are selling quickly but higher priced homes aren't or the reverse may be true. Generally house price is proportional to size in a given area. Locally newer homes are often larger than older homes. Looking at the average size of houses being sold can provide additional insight into the Palo Alto real estate market.
Lot Size of Palo Alto Houses Sold
As mentioned above generally house price is proportional to house size in a given area. Another factor is lot size. Most local cities limit the maximum size of house that can be built depending upon the lot size. A larger house can be built on a larger lot. Additionally local cities may allow a secondary dwelling if the lot is greater than a specified size (typically 8,000 sf).
Looking at the average lot size of houses being sold can provide additional insight into the 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.
Quarterly Avg Size of Palo Alto Houses Sold
Monthly Avg Lot Size of Palo Alto Houses Sold
Age of Palo Alto Houses Sold
A brand new Palo Alto home typically sells for a premium price compared to a similar sized home in the same neighborhood. When looking at average Palo Alto home prices, the average age should be checked to see if prices are changing because of demand or because different types of houses are being sold.
Maximum and Minimum Price for Palo Alto Houses 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. Average buyers and sellers in each price range may act differently.