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Original post made on Dec 4, 2015

In Palo Alto, 2015 has been a very frustrating year for buyers. The biggest reason is limited inventory. As of Nov. 23, there had been 516 new listings this year in Palo Alto, similar to 521 listings for the same period last year, but is 29 percent less than last cycle peak in 2008 and 46 percent less than in 1998 when MLS Listings data started to be digitally available. Considering we now have multiple layers of demands, not only from local, high-tech buyers but also from buyers and investors from all over the globe, with only half of the supply versus 17 years ago — no wonder competition among buyers is fierce. Consequently, median home price (all homes in Palo Alto) has reached $2.5 million so far in 2015. This is 80 percent more expensive than in 2008, and 4.7 times more expensive versus the median home price back in 1998. Moreover, for 2015 in particular, a high level of frustration is equally shared by buyers at all budget levels.

Read the full story here Web Link posted Friday, December 4, 2015, 12:00 AM


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