taking a look at January closed sales.....

The numbers are in and they aren't pretty. Because we are just looking at 1 month i decided to pull the stats for all of Palo Alto single family home sales to give us the broadest look at what the real estate market is doing in our area. Here are the median sales prices for the last 5 January's:

2005: $1,275,000

2006: $1,198,000

2007: $1,348,000

2008: $1,800,000

2009: $1,372,000

If you want to see an example of an area dealing with a ton of foreclosures, look no further than East Palo Alto. Median sales prices for the last 4 January's:

2006: $675,000

2007: $606,000

2008: $468,000

2009: $255,000!

They have double the number of average sales while doing half the volume. East Palo Alto is a prime example of the fallout from the predatory sub prime lending market.....