2013: The First (almost) 60 Days

We're only two months into 2013 and so far the trends of late-2012 appear to be holding: low inventory, increasing prices, which puts the balance of power on the seller side of the transaction. Forbes.com reports that nationally, inventory is at a 13-year low - the lowest since December 1999. And I imagine in Silicon Valley it may be even more historically low than that (but could find no data to support that hypothesis - perhaps at the end of Q1 2013). 

Here are some recent sales that exemplify this pattern:

184 Sunkist Lane, Los Altos, CA Listed: 1/22/2013 for $1,795,000 Sold: 2/11/2013 for $2,302,000 That's 28% over asking and the quick close indicates an all-cash transaction.

184 Sunkist Lane, Los Altos, CA
Listed: 1/22/2013 for $1,795,000
Sold: 2/11/2013 for $2,302,000
That's 28% over asking and the quick close indicates an all-cash transaction.

985 Eastwood Pl, Los Altos, CA 94024 Listed: 1/21/2013 for $2,165,000* Sold: 2/19/2013 for $2,465,000 That's 14% over asking and the quick close indicates an all-cash transaction 

985 Eastwood Pl, Los Altos, CA 94024
Listed: 1/21/2013 for $2,165,000*
Sold: 2/19/2013 for $2,465,000
That's 14% over asking and the quick close indicates an all-cash transaction 

517 Preston Dr, Mountain View 94040 Listed: 2/5/2013 for $1,398,00 Sold: 2/13/2013 for $1,612,000 That's 15% over asking and again, a quick close indicating all cash. 

517 Preston Dr, Mountain View 94040
Listed: 2/5/2013 for $1,398,00
Sold: 2/13/2013 for $1,612,000
That's 15% over asking and again, a quick close indicating all cash. 

1840 Appletree Ln, Mountain View 94040 Listed: 1/11/2013 for $1,399,00 Sold: 2/22/2013 for $1,550,000 That's 11% over asking and $1211/sq ft of living space. 

1840 Appletree Ln, Mountain View 94040
Listed: 1/11/2013 for $1,399,00
Sold: 2/22/2013 for $1,550,000
That's 11% over asking and $1211/sq ft of living space. 

*It is worth noting that 985 Eastwood Pl originally came on the market in September 2012, unstaged and listed at $2,388,000, and didn't sell. Which begs the question: did the market change that much in 4 months or is this just an excellent case for staging? 

Source: mlslistings.com