The market value of a single-family home in Palo Alto went up 10.8 percent in 2013 and has more than recovered from the last real estate peak, according to the Santa Clara County Assessor's Office.
As of Jan. 1, local single-family home values were 23.8 percent higher than in 2007, around the time of the last market peak, the office said.
The assessor's office released on June 4 city-by-city charts showing average median price per square foot each January since 2007. Palo Alto led the county in the category for single-family homes, recording an average median sale price per square foot of $1,110, followed by Los Altos at $1,003. For Palo Alto condominiums and townhouses, the median sales price per square foot was $568.
(View Palo Alto's chart here.)
The greatest appreciation in value occurred on properties in the Fremont Union School District and the Mountain View-Los Altos High School District.
Assessor Larry Stone released county-wide market trend assessment data for 68,000 residential and 2,000 commercial properties in which the assessed values previously were reduced due to the decline in property values during the recession.
"In 2013, Santa Clara County led the sate in the growth of assessed values, and we are once again on track to lead the state this year," Stone said.
This is the second straight year in which there has been sharp decline in the number of properties assessed below their purchase price, a phenomena caused by the collapse of the residential real estate market.
In 2012, 136,000 residential and commercial properties were assessed below their Proposition 13 value. In 2013, this number dropped to 81,000 as market values continued to improve. Stone said this year, "even with surging market values," as many as 40,000 properties are expected to remain below their Proposition 13 value.
For more information, see the county assessor's website.