Bay Area REBlog

Despite gloomy reports from all over the country, real estate in Los Altos and the surrounding cities of Palo Alto, Mountain View and Menlo Park is still holding it’s own. I held an open house on Maynard in Los Altos last weekend and today the listing agent is listening to multiple offers – the house is listed at $1,598,000. We currently have 68 houses on the market in Los Altos – the most expensive is $19,900,000 – it’s been on the market a whopping 288 days. The cheapest houses are those on Alvarado – four small houses on one large lot with tenant-in-common ownership. Thirty nine houses have closed escrow within the past month – most of them selling for around the listing price with one notable exception – a remodeled 4 bed 2.5 bath house on Berry Avenue which was listed for $1,798,000 and sold for $1,920,000.

Here are some statistics for single family home sales in May 2008 with May 2007 included for a comparison.

Statistics compiled using REIL
CDOM = continuous days on market

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