The shifting Silicon Valley real estate market is increasing activity, but not necessarily prices.

Pow! The market has become confusing to buyers and frustrating to sellers. We’re getting lots of open house activity. The number and quality of offers being made are unpredictable – there are some multiple offer situations with bids ranging from lower than asking price to as much as 20% over. Sometimes, there is only one offer in the first week, while other homes stay sitting on the market even with a reasonable asking price. It can leave us all scratching our heads. Whether you’re selling or buying, make sure you’re working with a skillful agent who will help you navigate these waters.

Get a free market evaluation of your Silicon Valley home today!

Palo Alto Market Update: March and April 2016

Boom! The 2016 spring selling season is off and running. More homes on the market means more are being sold!
Intero Sold Sign

The number of Palo Alto single family homes that have sold in March, and again in April, was approximately three times January sales and double those of February.

Boom! The median price of a Palo Alto home in March jumped 1.2% compared to February. Then it ticked up a little more in April. This seems to be due to the volume of sales, rather than the price wars we’ve seen over the last four years.

If you’re interested in the condo/townhouse market, or want an analysis of another city, just ask.

Pow! The market has become confusing to buyers and frustrating to sellers. We’re getting lots of open house activity. The number and quality of offers being made are unpredictable – there are some multMarket Pulseiple offer situations with bids ranging from lower than asking price to as much as 20% over. Sometimes there is only one offer in the first week, while other homes are just sitting on the market, even with a reasonable asking price. It can leave us all scratching our heads. Whether you’re selling or buying, make sure you’re working with a skillful agent.

Get a free market evaluation of your Silicon Valley home today!

Market Pulse

 

 

Here are your summary numbers for March 2016:

34 single family homes sold in March 2016, more than double the 15 in February 2016 and two more than in February 2015.

The median sales price jumped to $2.624M in March 2016, $2.18M in February 2016, but below $2,633,500 in March 2015. This gives us better numbers for last year, with a better median price despite fewer homes sold.

Then notice this year’s March high of $11M is almost twice last year’s high of $5.7M with the lows being within $45K of each other (March 2016 low was $1.55M vs. $1.6M in 2015) to demonstrate why I prefer medians to averages.

Average price per square foot for the same months showed a similar pattern: $1,712.18 in March 2016, a big increase from $1,393.19 in February 2016, and a moderate rise from $1,687.83 in March 2015.

The average 16 days on the market in March 2016 was far faster than February’s 21 but in line with March 2015’s 15.

Market Pulse

 

 

 

Here are your summary numbers for April 2016:

31 single family homes sold in April 2016, three fewer than the 34 in March 2016 and two more than in April 2015.

The median sales price rose to $2.69M in April 2016 from $2,624,000 in March 2016, but a little under the $2,657,500 recorded for April 2015.

There was greater fluctuation within average price per square foot for the same months: $1,632.78 in April 2016, down 1% from $1,712.18 in March 2016, but still above $1,524.70 in April 2015.

The average 24 days on the market in April 2016 increased by over a week compared to 16 the previous month, and took even longer when compared to April 2015’s 14.

The hottest trends in bathroom renovations are all about staying warm.

Warm Floors

Yes, warm floors are back, in the bathroom and elsewhere. They’re not a new concept ­­– there are signs of underfloor heating dating back to 5000 BCE. Modern radiant heat was introduced in a 1937 home designed by Frank Lloyd Wright. Many of our Bay Area neighbors still enjoy radiant heat in Joseph Eichler’s well-known homes, built starting in 1950.Radiant Heat

According to the US Dept of Energy, radiant heat is more efficient than baseboard heating and often forced-air heating as well. It benefits people with allergies by not distributing allergens as a forced-air system does. More about how that works here.

Heated floors may also save homeowners money by allowing lower temperatures in the home without the floors becoming cold. Plus, they’re great for the resale value of your home.

Instant Heat

Ditch the energy-sucking heat lamp. Instant heat warms your bathroom just when you need it, without heating your entire home. Instant electric heaters are both energy-efficient and inconspicuous. While you’re at it, pair the heater with a humidity sensing fan that will automatically start when moisture levels rise, and shut off when they return to normal.

Instant Hot Water

Hate the waste you create while running your tap, waiting for the water to get hot? More and more, homebuilders are installing on-demand (tankless) water heaters specifically for the bathroom. If you’re looking for a retrofit alternative, consider installing a hot water recirculation system. Either way, the water will be hot when you turn on the tap!

Hot Bath in a Wet Room

Wet Room

 

 

 

 

 

 

 

 

 

The traditional shower-over-tub is increasingly being replaced by shower stalls in many homes. If you love a nice, hot bath, though, you may covet a “wet room” — an enclosed and separate room with a curbless, walk-in shower and a deep soaking tub. This elegant room, inspired by cultures that value soaking rituals, offers an extra advantage – the curbless walk-in shower adheres to universal design standards, making it wheelchair-accessible and practical for aging-in-place.

Special thanks to Henry Jackson, Architect (Palo Alto, CA) for inspiring this post by sharing the trends he’s seeing in modern bathroom design.

To get a free market evaluation of your own home, contact Bruce Richmond today.

Super_Bowl_50_Logo.svgDid hosting Super Bowl 50 affect Bay Area housing market at all?

In Palo Alto, more homes sold, and faster, in February compared the previous month. Unlike the game’s final score, however, real estate numbers are fuzzy.

How is it that Palo Alto’s median price this year ($2,180,000) is so much less than the prior year ($2,460,500)? Well, comparatively cheaper homes sold this February. 2016 sales included a home selling for $1.3225M and two others below Feb ’15’s lowest $1.75M sale.

On the higher end, February’s most expensive sold sign was $3,600,000, the same sales price of last February’s 5th place prize for being the priciest – and the top sale was $2M higher. One $10M sale in January 2016 skewed numbers that would have otherwise been similar to February.

It’s a continuing trend we started seeing with the Chinese financial crisis and the slowing of venture capital investments in Silicon Valley. The market has slowed a bit for the luxury market. Demand is still there, though. Prices on the lower end are continuing to sell fast, with bidding.

Get a free market evaluation of your Silicon Valley home today!

Here are your summary numbers:

15 homes sold in February 2016 compared to 12 in January 2016 and 16 in February 2015.

The median sales price was $2,180,000 in February 2016, $2,263,500 in January 2016, and $2,460,500 in February 2015.

Median price per square foot for the same months showed a similar pattern – $1,393.19 in February 2016, down from $1,617.13 in January 2016, and $1,405.57 in February 2015.

The median 21 days on the market in February 2016 was far faster than January’s 33 or February 2015’s 32.