"Are condos selling in our area [the Silicon Valley towns in California]? What's the market like?"
Questions I hear often, so let's take a look:
The above chart shows selected towns on the Peninsula and activity in 2014. All markets performed extremely well - prices high, days on market short.
Yesterday we looked at the first four towns to see what was happening these first few weeks of 2015.
Now let's look at Menlo Park, Palo Alto, Mountain View and Sunnyvale, some of the towns in the heart of the Silicon Valley. Here's what we see today in the condo/townhouse market:
- Menlo Park: 5 active listings with a high price of $2,300,000, a low of $1,349,000, and a median price of $1,945,000. 2 properties have closed escrow so far in January, a luxury townhouse for $1,620,000 and a unit in a 55+ community for $488,000.
- Palo Alto: only 2 active listings, priced at $1,298,0o00 and $830,000. 2 have closed this year, at $1,218,000 and $850,000.
- Mountain View: 7 active listings, priced between $999,000 and $439,000, with a median price of $759,000. 8 closed listings with a median price of $810,000.
- Sunnyvale: 4 active listings, with a high of $880,000 and a low of $625,000. Median price is $848,000. 15 have closed so far this month, with a median price of $662,500.
I see no change from 2014 - a shortage of inventory, with properties selling at or above asking, with multiple offers, after a short time on the market. What the rest of 2015 will bring is unknown, but the year is starting in an extremely active fashion.