All the key numbers for Palo Alto real estate were up for the month of May 2012 compared to the same month a year ago. The average list price in May 2012 was $2,359,000, which is up 37% from last years number of $1,721,000. The average sales price was up 21% as the average for this past month was $1,955,000 compared to $1,613,000 a year ago. That is a huge jump for a one year period and shows the strength of luxury real estate in the area. There has been a good six months of Facebook secondary market money out there buying homes, so that could be a good reason for the jump.
There was a total of 56 sales for the month that took an average of 16 days to sell. Last year was 55 sales with an average of 21 days to sell.
There is some signs of relief as there were 75 new listings for the month compared to 58 a year ago, an increase of 29%. Buyer are finally getting some options to look at as inventory is at about 2.3 months of supply. These next two months will be interesting to watch as there is still a lot of multiple bids happening, but will it still occur as much now that there is more inventory.