Posted by: Don Diltz | April 26, 2009
1/3 of Menlo Park and Palo Alto Contracts in Multiple Offers!
The real estate spring market is celebrating the return of the first time buyer. And when a property is well priced and popular, everyone seems to notice. Fully 1/3 of the contracts in Coldwell Banker offices in Menlo Park and Palo Alto were reached with multiple offers!
Peninsula—Burlingame reports that the heat was a definite factor on open house attendance. In some areas it made for lighter than usual traffic and in others, turnout was excellent. They are definitely seeing a change in buyer attitude and confident that now might be the time to get serious about buying. Menlo Park El Camino reports a very busy week. Activity is the best it has been for about eight months. Lots of stealth activity, too, with sellers selling due to duress and wanting to be under the radar. Palo Alto reports that things appear to be more optimistic. There is a lot of attendance at open houses including upwards of over 100 people in price ranges of $1.2-$2.2 million in the prime locations of Palo Alto. San Mateo states that if a property is in good condition and is priced well, you are “gold.” Inventory is up 22% over 2008, pending sales are even with 2008 and solds are down 57% over 2008. Open houses are well attended.
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