Palo Alto is one of the most well known communities in Silicon Valley with Stanford University and home of Facebook until 2 years ago. With its’ unique location, Palo Alto offers easy access to the Venture Community while being close enough to a hip office address in San Francisco. For some of our investors interested in buying a home in Palo Alto, California we want to know how far their money would have gone if they wanted to spend $3-$5 Million dollars last month on their purchase.
Below is the break down of the sales statistics for the total 5 homes that sold in Palo Alto Sales in June 2013 that were listed below $5 million dollars:
List Price Range : $3,195,000 to $4,500,000
Sold Price Range: $3,195,000 to $4,550,000
Average Sale Price: $3,679,000
1) List Price Per Sqft: The price per square feet for these 5 sales were $969.82 which is a bit lower than the neighboring Palo Alto prices for June 2013.
2) Average Size: The average of home size for these sales was 3,728 square feet among these home sold in June 2013.
3) Days on the market: These 5 homes sold in Palo Alto was between 1-12 days which is remarkably fast given the sold price of the homes. Two of these home closed escrow in under 10 days which were cash transactions. This is not a surprised specially given the thriving Tech Sector employment in Silicon Valley where well-funded Start ups and established successes such as Google are having a difficult time finding talent to Silicon Valley.
5) Average List Price: The Average Sale price of these 5 homes sold in Palo Alto was $3,607,400.
6) Average Sale Price: The Average Sale price of these 5 homes sold in Palo Alto was $3,679,000.
7) Sale Price Per Sqft: These Palo Alto homes sold for $992.36 per sqft which is a good indication of a sellers market since the they are getting more than 100% of their list price.
So the answer to the question as to what you could buy for $2-5 M in Palo Alto in June 2013; is a decent size home. We will be reviewing the Plao Alto Foreclosure Activity for June 2013 which should be posted next week to explore the impact of distressed sales in the market.