Even the X-Scream ride above the Stratosphere in Las Vegas, a huge teeter totter mounted 866 feet above the ground that propels riders 27 feet over the edge of the Stratosphere building with nothing below, has certainty that the economic roller coaster (specifically the stock market) of this week has not been able to provide. So, if one wanted to get off of the blindfolded, stomach turning ride of the stock market, may I suggest they consider investing in our local real estate?
Local real estate has continued to remain relatively strong despite such volatility. The report below will show you that more than 30% of available homes in cities like Palo Alto and Sunnyvale are under contract, also known as "pending" sale.
Even more shocking to the news watcher who hears of all gloom and doom in the real estate market, will be the fact that four cities of the six that I report on show properties continuing to sell OVER the asking price. Specifically, the percentage of properties which have closed escrow in the past two weeks over the asking price are: Mountain View - 30%; Los Altos - 13%, Palo Alto - 36%, Sunnyvale - 43%! Yes, to repeat, those are the percentages of homes that have closed escrow in the past two weeks OVER the asking price in each city respectively.
It is still extremely important to be ready when you look for your home in our area. Have yourself qualified by an experienced lender, and work with a Realtor who knows your local market so you can make your purchase and selling decisions based on FACTS. You can find many more closed sales facts on my website.
Here is the October 2, 2008 version of the Deniece Watkins Smith's market update: (You may need to scroll down a little way)
| Change since | ||||
| Los Altos | 10/6/2008 | 9/12/2008 | Lowest Price | Highest Price |
| Active | 78 | 8 | $ 1,145,000 | $ 19,900,000 |
Pending Show | 4 | -2 | $ 1,298,000 | $ 2,595,000 |
Pending Release | 2 | 1 | $ 1,795,000 | $ 1,828,000 |
Pending | 15 | 2 | $ 1,149,000 | $ 4,259,000 |
| Total Pending | 21 | 1 | ||
| Total Listings | 99 | 9 | ||
| Percent Pending | 21% | |||
| Change since | ||||
| Los Altos Hills | 10/6/2008 | 9/12/2008 | Lowest Price | Highest Price |
| Active | 51 | 6 | $ 1,579,000 | $38,000,000 |
| Pending Show | 2 | -1 | $ 2,098,000 | $ 2,150,000 |
| Pending Release | 1 | 0 | $ 2,295,000 | |
| Pending | 4 | 2 | $ 1,749,000 | $ 1,895,000 |
| Total Pending | 7 | 1 | ||
| Total Listings | 58 | 7 | ||
| Percent Pending | 12% | |||
| Change since | ||||
| Menlo Park | 10/6/2008 | 9/12/2008 | Lowest Price | Highest Price |
| Active | 120 | 10 | $ 299,900 | $ 5,450,000 |
| Pending Show | 3 | 0 | $ 399,999 | $ 3,245,000 |
| Pending Release | 3 | -1 | $ 349,000 | $ 1,200,000 |
| Pending | 18 | -5 | $ 299,000 | $ 4,495,000 |
| Total Pending | 24 | -6 | ||
| Total Listings | 144 | 4 | ||
| Percent Pending | 17% | |||
| Change since | ||||
| Mtn View | 10/6/2008 | 9/12/2008 | Lowest Price | Highest Price |
| Active | 64 | 2 | $ 599,000 | $ 4,400,000 |
| Pending Show | 9 | -1 | $ 809,000 | $ 3,298,000 |
| Pending Release | 3 | 0 | $ 639,000 | $ 897,000 |
| Pending | 12 | -5 | $ 599,000 | $ 1,399,000 |
| Total Pending | 24 | -6 | ||
| Total Listings | 88 | -4 | ||
| Percent Pending | 27% | |||
| Change since | ||||
| MV Townhomes | 10/6/2008 | 9/12/2008 | Lowest Price | Highest Price |
| Active | 72 | -1 | $ 184,500 | $ 1,245,000 |
| Pending Show | 9 | -3 | $ 339,000 | $ 1,129,000 |
| Pending Release | 3 | 0 | $ 295,000 | $ 599,000 |
| Pending | 16 | 0 | $ 309,000 | $ 1,055,000 |
| Total Pending | 28 | -3 | ||
| Total Listings | 100 | -4 | ||
| Percent Pending | 28% | |||
| Change since | ||||
| Palo Alto | 10/6/2008 | 9/12/2008 | Lowest Price | Highest Price |
| Active | 79 | 4 | $ 899,000 | $ 12,500,000 |
| Pending Show | 9 | 5 | $ 799,950 | $ 2,995,000 |
Pending Release | 4 | 2 | $ 899,000 | $ 1,280,000 |
| Pending | 25 | 7 | $ 849,000 | $ 2,999,800 |
| Total Pending | 38 | 14 | ||
| Total Listings | 117 | 18 | ||
| Percent Pending | 32% | |||
| Change since | ||||
| Portola Valley | 10/6/2008 | 9/12/2008 | Lowest Price | Highest Price |
| Active | 24 | -2 | $ 975,000 | $ 8,395,000 |
| Pending Show | 3 | 2 | $ 1,299,000 | $ 1,795,000 |
Pending Release | 0 | 0 | ||
| Pending | 0 | 0 | ||
| Total Pending | 3 | 2 | ||
| Total Listings | 27 | 0 | ||
| Percent Pending | 11% | | ||
| Change since | ||||
| Sunnyvale | 10/6/2008 | 9/12/2008 | Lowest Price | Highest Price |
| Active | 139 | 18 | $ 399,900 | $ 1,988,888 |
| Pending Show | 27 | -7 | $ 429,900 | $ 999,888 |
| Pending Release | 9 | -4 | $ 400,000 | $ 1,015,000 |
| Pending | 25 | -15 | $ 400,000 | $ 1,350,000 |
| Total Pending | 61 | -26 | ||
| Total Listings | 200 | -8 | ||
| Percent Pending | 31% | |||
| Change since | ||||
| SV Townhomes | 10/6/2008 | 9/12/2008 | Lowest Price | Highest Price |
| Active | 91 | 3 | $ 295,000 | $ 849,950 |
| Pending Show | 10 | -8 | $ 319,900 | $ 685,000 |
Pending Release | 3 | -2 | $ 309,900 | $ 375,000 |
Pending | 9 | -10 | $ 307,000 | $ 765,000 |
| Total Pending | 22 | -20 | ||
| Total Listings | 113 | -17 | ||
| Percent Pending | 19% |
Information extrapolated from reil.com deemed reliable, not guaranteed.
More information about Deniece Watkins Smith can be found on her website www.DSoldIt.com. References can be found here. You can also call her directly at 650-483-2055.
