Real Estate Update in Palo Alto & Los Altos

The real estate market in Los Altos continued its strong and steady growth in 2007. Although the number of the sales declined, the average price rase 5% and median price increased 8%. These were no sales under $1 million. The high end of the market didwell with 17 homes selling for $3 million or more. Also significant in 2007 were the number of homes that sold at or over list price - 197 of the 324 or 61%. The average length of time to sell a home in 2007 increased from 25 days to 40, however, it is important to note that the median number of days to sell a home was only 12.