Posted by palo alto mom, a resident of the Duveneck/St. Francis neighborhood, on Aug 16, 2012 at 7:29 pm
Jacko - per an article from the Weekly on Friday "The average Days on the Market (DOM) in Palo Alto are as follows: $5 million-plus = 6 DOM; $3 to 5 million = 23 DOM; $2 to 3 million = 21 DOM; and $2 million and under 9-13 DOM. These statistics are derived from the average of 152 homes sold from March through June of this year in Palo Alto. Approximately 20 percent of the homes sold never hit the Multiple Listing Service (MLS)."
The key being houses that never make it to MLS or pay to have their tax stamp on the back of the form so they do not make it to the paper and Redfin.
Appropriately priced houses in Palo Alto are flying off the shelf. If the average DOM of an over 5 mil house is 6 days, I think our market is hot.
Posted by Whew!!, a resident of the Midtown neighborhood, on Aug 17, 2012 at 12:41 pm
There is a house for sale on my street so realtors have been coming by to check it out. I have had three of them knock on my front door to ask if I want to sell my house. I tell each of them the same thing, they'll have to wait 'till I'm dead!!! I can't afford to move because I can't afford the taxes on a new house!!!
Boy, is it ever getting competitive out there. The wolves are ready to pounce if you plan on selling. But watch it, different realtors charge different commissions for different services. You really have to shop around, don't fall for a realtor just because you know him or her. It's like everything in life seller beware, do your homework!!