Palo Alto Real Estate Sales Cycles: Looking Back, Forecasting Forward

Michael Dreyfus

Michael Dreyfus has had 23 years of repeated success in residential real estate. He currently ranks as one of the leading sales agents in the Silicon Valley/ Peninsula area. His recent sales have been often and varied, including some of the highest sales recorded in Palo Alto, Woodside and Atherton. He has also sold homes in Menlo Park, Los Altos, Los Altos Hills, Mountain View, Portola Valley, San Carlos, San Mateo, and has established a specialty in the high end market and the neighborhoods of North Palo Alto. In addition, he has represented clients in high-end resort purchases throughout California. Michael works both as a sales agent and as the owner and managing broker of Dreyfus Sotheby's International Realty, a boutique real estate brokerage which specializes in the lower Peninsula market and offers clients locally-focussed, high-quality real estate services. Michael is an industry thought leader who has been interviewed on CNBC, Bloomberg TV, ABC News and Fortune/CNN/Money. He writes a monthly real estate column for The Palo Alto Weekly. Michael started Dreyfus Properties in 2000 and has grown it into one of the leading boutique firms in the Silicon Valley with offices in downtown Palo Alto and on Sand Hill Road in Menlo Park. Dreyfus Properties, through it agents, offers custom real estate solutions with an emphasis on personal service and professionalism, all with a razor focus on the lower peninsula residential real estate market. Prior to Dreyfus Properties, Michael was a sales leader with both Coldwell Banker and Prudential California Realty, consistently placing as his office's top sales agent and in the top 1% of sales agents internationally. He is a licensed Real Estate Broker and Attorney-at-law. He is a member of the National and California Association of Realtors, and the Silicon Valley, San Francisco, Tahoe/Sierra and Southern California multiple listing services. He is active in the community, having served in various school and athletic positions, on the Board of Directors for the Palo Alto Art Center Foundation, and currently as a director on the Save the Bay foundation board. He resides with his wife and three children in the Professorville neighborhood of Palo Alto.

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Here we go again.

The median price in Palo Alto rose 24% over the same last quarter in 2011, but more impressive is the 20% yearly increase from 2011 to 2012. For those into cycles, 2012 looks awfully similar to 2004 when we began what ended up being a 35% run on the median price from 2004 to 2008. Doing the math that means a $2,000,000 house today will be $2,700,000 by 2016. Our forecast for this year is a 12% to 15% increase in Palo Alto housing prices with that appreciation being realized early in the spring and prices holding throughout the rest of the year.