The standard post Labor day market heat-up seems to be upon us, with that special mid-Peninsula twist…multiple offers again!While it’s certainly not like the feeding frenzy of a year ago, there are signs of returning insanity. There’s definitely been increased market activity in the last two weeks: more homes going on the market, more buyers out there, and a generally upbeat mood.The real estate rumor mill has been abuzz the last couple of days with a recent Palo Alto sale that had (drum roll please) over 15 offers and apparently sold for around double the list price! Granted, it was underpriced to begin with, but this certainly has to have set some kind of record.There were also a few multiple-offer situations in both the ~$1M and $2M+ markets.

Fortunately for buyers, we’re certainly not back to the 2004-2005 market when nearly every property, no matter its price, had multiple bids and went well over asking. Some properties have been on the market for a while — 60 days or longer — and some have been selling at (gasp!) under list price.