Market report for Palo Alto area June 2023 by California Concierge

Palo Alto area

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What’syourhome reallyworthin today’smarket?

That's really the question you should be asking yourself.

Our market is incredibly diverse, and rapidly changing. Values vary not just by neighborhood, but by street. Your home isn't necessarily worth what your neighbors’ home is. At the end of the day, it’s the current market that sets the value of your home.

So, do you know what your home is worth in today's market?

Icanhelp...

Contact me for a confidential, no obligation assessment of your home's value.

TheTrueValueof Homeownership

Buying and owning your home can make a big difference in your life by bringing you joy and a sense of belonging And with June being National Homeownership Month, it’s the perfect time to think about all the benefits homeownership provides

Of course, there are financial reasons to buy a house, but it’s important to consider the non-financial benefits that make a home more than just where you live

Here are three ways owning your home can give you a sense of accomplishment, happiness, and pride.

You May Feel Happier and More Fulfilled

Owning a home is associated with better mental health and well-being

Gary Acosta, CEO and Co-Founder at the National Association of Hispanic Real Estate Professionals (NAHREP), explains:

"Studies have shown the emotional and psychological benefits that homeownership has on a person’s health and self-esteem . . . ”

Similarly, Habitat for Humanity says:

“Residential stability among homeowners is related to improved life satisfaction, along with better physical and mental health ”

So, according to the experts, owning a home can improve your psychological wellness by making you feel happier and more accomplished.

You Can Engage in Your Neighborhood and Grow Your Sense of Community

Your home connects you to your community Homeowners tend to stay in their homes longer than renters, and that can help you feel more connected to your community because you have more time to build meaningful relationships And, as Acosta says, when people stay in the same area for a longer period of time, it can lead to them being more involved:

“Homeowners also tend to be more active in their local communities . . . ”

After all, it makes sense that someone would want to help improve the area they’re going to be living in for a while.

You Can Customize and Improve Your Living Space

Your home is a place that’s all yours When you own it, unless there are specific homeowner’s association requirements, you’re free to customize it however you see fit Whether that’s small home improvements or full-on renovations, your house can be exactly what you want and need it to be As your tastes and lifestyle change, so can your home As Investopedia tells us:

“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world. You can customize your house, remodel, paint, and decorate without the need to get permission from a landlord.”

Renting can limit your ability to personalize your living space, and even if you do make changes, you may have to undo them before your lease ends. The ability homeownership gives you to customize and improve where you live creates a greater sense of ownership, pride, and connection with your home

Bottom Line

Owning your home can change your life in a way that gives you greater satisfaction and happiness Connect with a local real estate professional today if you’re ready to explore homeownership and all it has to offer

Source: Keeping Current Matters

PaloAlto

What's in the Palo Alto data?

In May, Palo Alto had 95 homes for sale, providing the market with 1.2 months of inventory. There were 37 new listings, and a total of 41 homes sold for an average of $3.6m. The median overbid was 98%, with an average of 26 days on the market.

There were 29 condo and townhome units for sale, providing the market with 1.2 months of inventory There were 11 new listings for sale, and 11 condo sold for an average of $1.8m. The median overbid was 103%, with an average of 26 days on the market.

He-Family Homes

37 New Listings

41 Sold Listings

1.2 Months of Inventory

$3.6M Median Sale Price

98% Median Sale vs List

26 Avg Days on Market

was sourced from Broker Metrics on June 5th, 2023 and includes all singles, condos, and townhomes in the California Area above from May 2022 to This may include preliminary data, and vary from the time the data was data is deemed reliable but not guaranteed. Questions may be directed to 415.483.9285. Palo Alto | DRE# 01511642. Copyright KW Advisors 2023. Each office is independently owned and operated.

CONDO

Condo & Townhomes

11 New Listings

11 Sold Listings

1.2 Months of Inventory

$1.8M Median Sale Price

103% Median Sale vs List

26 Avg Days on Market

Sep2022 Oct2022 Nov2022 Dec2022 Jan2023 Feb2023 Mar2023 Apr2023 May2023 Sep2022 Oct2022 Nov2022 Dec2022 Jan2023 Feb2023 Mar2023 Apr2023 May2023 Alto MAY 2022 - MAY 2023 mes ear-over-year. mes year-over-year

LISTINGS FOR SALE SOLD LISTINGS

Median SalesPrice

Single-Family Homes

The median sales price has decreased from $3 8m last May 2022, to $3 6m as of May 2023

Condos & Townhomes

The median sales price has increased from $1.6m last May 2022, to $1.8m as of May 2023.

AVGDays OntheMarket

Single-Family Homes

The average time spent on the market went up from 16 days last May 2022, to 26 days as of May 2023

Condos & Townhomes

The average time spent on the market went up from 16 days in May 2022, to 26 days as of May 2023

Overbids

Single-Family Homes

The overbid percentage has decreased from 106 4% last May 2022, to 98% a year later

Condos & Townhomes

The overbid percentage has decreased from 104.4% last May 2022, to 103% a year later.

Back to Table of Contents May2022Jun2022 Jul2022Aug2022Sep2022Oct2022Nov2022Dec2022 Jan2023Feb2023Mar2023Apr2023May2023 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 May2022 Jun2022 Jul2022Aug2022Sep2022Oct2022Nov2022Dec2022 Jan2023Feb2023Mar2023Apr2023May2023 150 100 50 0 May2022 Jun2022 Jul2022Aug2022Sep2022Oct2022Nov2022Dec2022 Jan2023Feb2023Mar2023Apr2023May2023 125% 100% 75% 50% 25% 0%

Redwood City

What's in the Redwood City data?

In May, Redwood had 89 homes for sale, providing the market with 1 month of inventory. There were 59 new listings, and a total of 30 homes sold for an average of $2.1m. The median overbid was 103 7%, with an average of 19 days on the market

There were 19 condo and townhome units for sale, providing the market with 1 month of inventory. There were 11 new listings for sale, and 11 condo sold for an average of $1.3m. The median overbid was 107.4%, with an average of 7 days on the market.

59 New Listings

30 Sold Listings

1 Months of Inventory

$2.1M Median Sale Price

103.7% Median Sale vs List

19 Avg Days on Market

This data was sourced from Broker Metrics on June 5th, 2023 and includes all singlefamily homes, condos, and townhomes in the California Area above from May 2022 to May 2023. This may include preliminary data, and vary from the time the data was gathered. All data is deemed reliable but not guaranteed. Questions may be directed to KW Advisors. 415.483.9285. Palo Alto | DRE# 01511642. Copyright KW Advisors 2023. Each office is independently owned and operated.

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