Palo Alto, CA housing market

The story in Palo Alto right now is a market that is holding firm and moving fast. The typical home is worth about $3.3 million, up roughly 3 percent over the past year, so values are still climbing even at this price point. What tells you sellers have the upper hand is how little discounting is happening. Only about 8 percent of listings have taken a price cut, which means most sellers are getting close to what they ask. Homes are selling in around 34 days, a quick pace for this range. Supply stays thin, with about 94 homes for sale and roughly 62 new listings added this month, so buyers do not have much to choose from. If you own here and you are thinking about selling, the conditions favor you. Price it in line with the market and you should see steady interest. The bigger risk is overreaching, since even in a tight market buyers here will pass on a home that is clearly stretched.