UPDATE: New reports confirm a surge in real estate sales in Palo Alto, with a condo selling for $1.4 million topping the list of deals for the week of November 3, 2023. This marks a significant contrast to the area’s average property price of $4.1 million, highlighting a remarkable opportunity for homebuyers looking for affordability in a competitive market.
During this week, a total of 16 home sales were recorded, with an average square footage of 2,164 square feet, featuring typical configurations of 3 bedrooms and 1 bathroom. The average price per square foot for these transactions stood at $1,886, indicating a vibrant real estate scene that is attracting both buyers and investors.
The following are the top 10 real estate deals finalized during this period, showcasing a range of prices and property types:
10. $3.6 million – Detached house on Cherry Oaks Place
This sale was finalized for a single-family residence boasting 2,542 square feet, featuring 4 bedrooms and 3 bathrooms. The price per square foot was $1,416.
9. $3.6 million – Single-family house on Duncan Place
A home with 1,795 square feet sold for $3,550,000, with a price per square foot of $1,978. It includes 3 bedrooms and 3 bathrooms.
8. $3.2 million – Single-family residence on Janice Way
This property sold for $3,218,000 and offers 1,878 square feet, featuring 4 bedrooms and 2 bathrooms.
7. $3.2 million – Single-family house on South Court
The sale of a 1,060 square-foot residence was completed at $3,150,000, translating to $2,972 per square foot.
6. $2.8 million – Single-family home on Addison Avenue
This historic property, built in 1898, sold for $2,800,000 and spans 1,219 square feet.
5. $2.7 million – Triplex on Waverley Street
A triplex with a living area of 2,448 square feet sold for $2,700,000, averaging $1,103 per square foot.
4. $2.4 million – Detached house on Channing Avenue
This sale was finalized at $2,400,000 for a home of 1,146 square feet, featuring 3 bedrooms and 2 bathrooms.
3. $2.4 million – Condominium on Homer Avenue
This modern condo, built in 2004, sold for $2,375,000 and offers 1,544 square feet.
2. $1.7 million – Condominium on High Street
The condo, featuring 1,338 square feet, was sold for $1,700,000, with 3 bedrooms and 2 bathrooms.
1. $1.4 million – Condominium on Thain Way
The top deal of the week, this condo features 1,445 square feet and was sold for $1,400,000, making it the most affordable sale in a high-priced market.
As Palo Alto continues to witness fluctuating real estate prices, potential buyers should act quickly to seize these opportunities. With properties changing hands frequently, keeping an eye on the market is essential for those looking to invest.
The ongoing developments in Palo Alto’s real estate market underscore the importance of timely decisions. Stay tuned for further updates as the situation evolves.