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REALTOR®: High-end Sales Moving in Greater Mid-Peninsula Area

Wednesday, July 8, 2009

REALTOR® officials acknowledge the sales of high-end homes have weakened the past year, but they are beginning to see some improvement in this market, as low mortgage rates continue to make real estate attractive.

Speaking to REALTORS® at a Silicon Valley Association of REALTORS® tour meeting, Alain Pinel Realtors vice president Bill Lewis pointed to an upward shift in the sale of high-end homes, particularly in Los Altos and Palo Alto. Information from MLS Listings Inc., the Multiple Listing Service of the local trade association, show in the greater Mid-Peninsula area (Los Altos, Los Altos Hills, Palo Alto, Woodside and Portola Valley), 33 homes priced at $2 million and above sold in May, up from six in February. In Los Altos, five homes in this price range sold in May, up from just two in March. In Palo Alto, two homes sold in February and sales steadily increased to nine in May.

"Inventory for the most part is stable, if not coming down," Lewis announced.

In the greater Mid-Peninsula area, there are currently 184 active listings and three short sales (all in Los Altos Hills) in the $2 to 4 million price range. In the $4 million plus price range, there are currently 59 active listings (four with the highest price listings were not included), no short sales and REOs.

"Buyers are becoming encouraged by the combination of favorable prices, low mortgage rates and home buyer tax credits," said Julia Truesdale Keady, president of the Silicon Valley Association of REALTORS®.

Keady explained the combination of favorable home prices, historically low mortgage rates, and first-time home buyer tax credits, may not align again for many years.

"Now is a perfect time for first-time and repeat buyers," said Keady. "Also, moving up is great idea right now. If you are thinking of moving up, prices are down slightly which will allow you to buy a right sized home and save on property taxes. You'll be able to take advantage of the superior interest rates available now, which will save you many thousands of dollars over the life of your loan."

If you are seriously considering purchasing a home, Keady encourages contacting a professional REALTOR®, who is knowledgeable about the area, in order to obtain the correct information about their local market, so they can make the right decision.

"To get the proper perspective on the value of real estate, you have to go right to the source, and that means talking to a REALTOR®? in your local market," Keady said.

To find a REALTOR® in your area, visit www.silvar.org.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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