1st Quarter Trends 2023 Compared to 2024 – Condos and Townhomes
Last week I posted information on how houses have appreciated year-to-date in the cities I track, this week I thought I’d do the same for condos and townhomes. Imagine my surprise when I saw the numbers for Los Altos, the increase was so staggering I was sure I’d made a mistake and rechecked the numbers but, nope, no mistake, Los Altos saw a whopping 32.8% increase, followed by Campbell with 20.1% and Saratoga at 18.2% (Los Altos prices are most likely affected by the new condos/townhomes being offered for sale at truly historic prices).
I was surprised in a different way to see how prices had dropped in Palo Alto and Redwood City, I can understand Palo Alto as its price point is so high but Redwood City is puzzling; the conclusion I came to is that Redwood City is doing well with its single family home sales which are still affordable (by Silicon Valley standards) and that’s where buyers are choosing to spend their money.
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