COMMUNITIES | Palo Alto

Palo Alto's proximity to Stanford University has shaped the spirit of the City. The university's mascot, known as "The Tree" is literally "El Palo Alto" in Spanish. The central location and outstanding public schools have made Palo Alto a magnet for some of the best-known innovators in the high-tech industry. Palo Alto is known as the birthplace of Silicon Valley. Two top-notch medical institutions, the Palo Alto Medical Foundation and

Stanford Medical Center draw scientists from all over the world. Incorporated in 1889, Palo Alto encompasses a number of distinct neighborhoods, from gracious, old-style mansions surrounded by sweeping lawns to ultra-modern Eichlers prized for their purity of design. These neighborhoods reflect Palo Alto's rich and diverse cultural life. Additionally, nearly one-third of the City's approximately twenty-six square miles is dedicated open space.

2004 in Review | Palo Alto

The average sale price of a home in Palo Alto reflected the general increase in property values. The average price for all of 2004 was $1,339,274, which exceeds the average for all of the previous three years, and approached the market high of $1,416,410 in 2000. The average price for all of 2004 was $1,339,274 After the two-year low of the fourth quarter of 2003, the first quarter of 2004 average jumped to $1,360,253. Prices then dipped in the middle two quarters, but then soared to $1,471,713 to end the year at a level not seen since the beginning of 2001. These figures are not precise, as not all sales are reported to the Multiple Listing Service.

The total number of closed sales in 2004 was the highest ever, with 595 homes sold. By comparison, a total of 535 homes sold in 2003, 505 sold in 2002, 388 sold in 2001, and 502 in 2000. The average length of time it took to sell a home declined to 30 days on the market in 2004, from 38 days on the market in 2003. This in turn was shorter than the average number of days on the market in 2002 and 2001, which were 45 days and 46 days respectively. The average escrow lasted 27 days. This also represented a decline from 31 days in 2003, 34 days in 2002 and 33 days in 2001.