2017 Half Year Report

 

July 25 2017
July 25 2017

Portola Valley

The Portola Valley real estate market reached record highs in the first half of 2017. The average price increased 4% to more than $3.1 million and the median price increased 11% reaching $3 million for the first time. Of the 35 sales, 22, or 63%, sold for more than list price. The vast majority of homes, 77%, sold in the first half were between $2 million and $4 million. The highest sale recorded in the Multiple Listing Service was $7 million. Homes also sold very quickly with 69% selling in 2 weeks or less. On average, the length of time to sell a home increased but the median days on market decreased from 16 days in 2016 to 12 days. Currently 5 homes are pending sale, including 1 listed over $19 million, and there are 13 homes for sale, most of which have been on the market for more than 30 days.

Woodside

An unusually high number of lower priced homes sold in the first half of 2017 resulting in sharp declines in the average and median prices. Of the 23 sales, 3 were for less than $1 million and only 2 in excess of $8 million. More than half of the homes sold very quickly and for more than list price. The length of time to sell a home improved greatly with the average dropping to 40 days and the median decreasing to just 15 – the lowest number in at least 17 years. Currently 6 homes are pending sale between $1.9 and $3.5 million. Inventory of homes for sale is high at 43, 9 of which are listed between $11.9 and $48.8 million. More than half of the homes currently for sale have been on the market for 30 days or more.

Atherton

Similar to Woodside, an unusually high number of lower priced homes sold in the first half of 2017 resulting in sharp declines in the average and median prices. Of the 44 sales, 8 were for less than $3 million and 16 were between $3 million and $5 million. Additionally, 6 homes sold for more than $11 million. Of all the sales, 34% of the homes sold very quickly and for more than list price. The length of time to sell a home improved greatly with the average dropping to 43 days and the median decreasing to just 14 – the lowest number in at least 17 years. There are currently 9 homes pending sale, 6 of which are listed at $5.5 million or less. There are 22 homes currently for sale, 11 of which are listed for more than $10 million. Only 2 of the homes have been on the market for less than 30 days.

Menlo Park

The Menlo Park real estate market reached record highs in the first half of 2017. The average price increased 2% to more than $2.4 million and the median price increased just slightly to a record high of $2.14 million. The highest end of the market was strong with 5 sales in excess of $6 million – the same number that sold in all of 2016. Of the 145 sales, 87, or 60%, sold for more than list price. Homes also sold very quickly with 63% selling in 2 weeks or less. On average, the length of time to sell a home stayed steady at 25 but the median days on market decreased from 13 days in 2016 to 12 days. Currently 28 single-family homes are pending sale and 21 for sale, 13 of which have been on the market for more than 30 days.

Palo Alto

The Palo Alto real estate market reached record highs in the first half of 2017. The average price increased 14% to more than $3.4 million and the median price increased 10% to a record high of $2.8 million. The highest end of the market was strong with 8 sales in excess of $7 million. Of the 167 sales, 116, or 69%, sold for more than list price. Homes also sold very quickly with 73% selling in 2 weeks or less. Currently 24 single-family homes are pending sale and 37 are for sale, 25 of which have been on the market for more than 30 days.

Los Altos

The Los Altos real estate market reached record highs in the first half of 2017. The average and median price each increased 10% with the average now exceeding $3 million. The highest end of the market was strong with 7 sales in excess of $5 million. Of the 175 sales, 134, or 77%, sold for more than list price. Homes also sold very quickly with 70% selling in 2 weeks or less. Currently 20 single family homes are pending sale and 11 are for sale, 7 of which have been on the market for more than 30 days.

Los Altos Hills

The Los Altos Hills real estate market also reached record highs in the first half of 2017. The average price increased 6% and the median price increased 8%, each exceeding $4 million. The highest end of the market was strong with 6 sales for $7 million or more. Of the 46 sales, 22, or 48%, sold for more than list price. Homes also sold very quickly with 54% selling in 2 weeks or less. Currently 10 homes are pending sale and 24 are for sale, 16 of which have been on the market for more than 30 days.


Comments:

Leave a Comment

Name*
Email Help Tip
Website
Comment*
Characters Remaining: 5000