San Jose Mercury News – Mortgage mess weighing on valley’s home market
Calhoun’s data also dramatically illustrates the split in the market. The Palo Alto, Los Altos and Mountain View areas were “on fire” with 32 days worth of inventory, meaning all the homes listed could be sold in a month given the recent pace of sales.
That compares with more than 400 days in south, central and east San Jose. “It’s a difference we’ve never seen in Santa Clara County,” Calhoun said.
“The big problem we’re having is lack of inventory,” said Bob Gerlach, vice president and manager of Alain Pinel Realtors’ Palo Alto office, who says there are plenty of buyers and open houses filled with people. “If we had 40 more houses in Palo Alto, they’d be gobbled up and sold.”
Fred Hibbert, managing broker at a Coldwell Banker office in Los Altos, said his office is still seeing multiple offers, but mostly for properties that are “priced correctly.”
Everyone knows that the Bay Area is really just Palo Alto, Los Altos, Mountain View, and Cupertino. And this is just further proof that housing prices can only go up in the Bay Area.
Are they making any more Palo Alto? Are they making any more Mountain View? Well… actually, they are – but that’s besides the point.