2016 Half Year Report: Woodside, Atherton, Menlo Park, Palo Alto, Los Altos and Los Altos Hills

 

July 15 2016
July 15 2016

Woodside

Woodside 1/2 Year Report 2016

Only 33 homes sold in the first half of 2016 compared to 46 in the same period last year. However, prices reached record highs. The average sales price rose 31% and the median price increased 45%. Despite the fact that days on market increased to the highest level since 2012, more than half of the homes sold in 30 days or less. The majority of homes in the first half of the year, 67%, sold for less than list price, although 7 sold for more than asking.

The highest end of the market performed well in the first half with 4 sales in excess of $10 million, and 14 sales in excess of $5 million. Nothing sold for less than $1 million. Of the 27 homes currently on the market, 21 have been on for 30 days or more. Prices range from $949,000 to $39,980,000.

Atherton

Atherton 1/2 year sales 2016

In the first half of 2016, 37 homes sold compared to 40 in the same period last year. The average sales price declined less than 1% but remained in excess of $7 million. The median price declined 6%, the first decline since 2012. Days on market remained consistent with last year and just over half of the homes sold in 2 weeks or less. The majority of homes in the first half of the year, 54%, sold for more than list price, although last month only 1 home sold for more than list price.

The highest end of the market performed well in the first half with 10 sales in excess of $10 million, the highest being $19,750,000. Nothing sold for less than $1,925,000. Of the 32 homes currently on the market, 28 have been on for 30 days or more. Prices range from $1,828,000 to $39,800,000.

Menlo Park

Menlo Park 2016 half year report

Menlo Park home sales remained strong in the first half of 2016 with 152 sales, just 1 more than the same period last year. The average sales price increased 3%, while the median price increased 11%. On average, homes took longer to sell than in recent years, but 69% sold in 2 weeks or less. Just over half of the June sales and 62% of all sales in the first half sold for more than list price.

The majority of the sales in the first half, 59%, sold between $1 million and $3 million. Another 9 homes sold between $4 million and $6.95 million and nothing sold for less than $770,000. Of the 28 homes currently on the market, 16 have been on the market for 30 days or more. Prices range from $848,000 to $8,500,000.

Palo Alto

Palo Alto 2016 1/2 Year sales

Palo Alto home sales remained strong in the first half of 2016 with 170 sales, 4 more than the same period last year. The average sales price increased 2%, while the median price decreased by 4%, the first decline since 2009. Homes took longer to sell than in recent years, with an average of 23 days on the market. However, many homes continue to sell over list price. Almost half of the sales in June and 60% of all sales in the first half sold for more than list price.

The highest end of the market performed well in the first half of the year with 18 sales from $5 million to $11 million. The majority of sales, 55%, sold between $2 million and $3 million. Inventory of homes for sale is higher than normal with 49 homes on the market, 19 of which came on the market just this past week. Prices range from $1,598,000 to $17,498,000.

Los Altos

Los Altos 2016 1/2 year report

In Los Altos, 131 homes sold in the first half of 2016 compared to 163 in the same period last year. However, prices went up – the average sales price rose slightly and the median price increased 3%. Homes sold very quickly, with 79% selling in 2 weeks or less. The majority of homes in the first half of the year, 73%, sold for more than list price. The majority of the Los Altos sales in the first half, 57%, sold between $2 million and $3 million. Another 4 homes sold for more than $5 million. Los Altos currently has 29 homes on the market ranging from $1,850,000 to $12,900,000.

LOS ALTOS HILLS

Los Altos Hills 2016 1/2 year report

In Los Altos Hills, 57 homes sold in the first half of 2016, just 2 more than in the same period last year. The mediansales price dipped slightly and the average salesprice declined 5%. Although number of days on market increased, almost half of the homes sold in 2 weeks or less. The majority of homes in the first half of the year, 68%, sold for less than list price but 12 sold over asking. The majority of the Los Altos Hills homes sold between $3 million and $4 million but 2 sold for more than $10 million. Of the 27 homes currently on the market, 20 have been on the market for 30 days or more.


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