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2018 First Half Real Estate Market Report

 

July 12 2018
July 12 2018

The numbers are in for the first half of 2018, and it was another record breaking performance for the real estate market as inventory flew off the shelf with homes selling quickly. Check out the specifics on each of the different cities and towns.

I am honored to have just been ranked as the #100 agent in the United States, per The Wall Street Journal published June 29, 2018. Within Coldwell Banker, I was further honored as the #1 agent in the Woodside and Portola Valley offices, #3 agent in the San Francisco Peninsula Region and #5 in all of Northern California. It is my sincere pleasure to have represented so many wonderful sellersand buyers. THANK YOU!

I have the experience and knowledge to best representyou if you are considering buying or selling a home. Itwould be my pleasure to be your real estate advisor.

Portola Valley

Portola Valley 2018 first half real estate market report

The Portola Valley real estate market reached a record high median price in the first half of 2018, increasing 10% to $3.3 million; and the average price was down less than 1%. Of the 31 sales, 19, or 61%, 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 $6.45 million. Homes also sold very quickly with half selling in 11 days or less. Currently 5 homes are pending sale and there are 23 homes for sale, all but 5 of which have been on the market for more than 30 days.

Woodside

Woodside 2018 half year real estate market graphs

The Woodside real estate market rebounded in the first half of 2018 with the average price increasing 30% to almost $4 million and the median price rising 21% to $2.85 million. The highest end of the market was strong with 3 sales in excess of $9 million. Of the 32 sales in the first half, 38% sold for more than list price. Half of all homes sold in 28 days or less. Currently 8 homes are pending sale between $1.9 and $7.75 million. There are 31 homes for sale, 9 of which are listed between $12.5 and $39.5 million. Three-quarters of the homes currently for sale have been on the market for 30 days or more.

Atherton

Atherton 2018 Half Year Real estate market graphs

The Atherton real estate market rebounded in the first half of 2018. The average price increased 52% to more than $8.7 million for the first time and the median price increased 53% to a record high of more than $7.2 million. Of the 34 sales, 5 were for more than $15 million and only 2 were for less than $3.4 million. Only 29% of the homes sold for more than list price. The length of time to sell a home improved greatly with the median dropping to 12 days – the lowest number in at least 17 years. There are currently 7 homes pending sale and 22 homes currently for sale, 15 of which are listed for more than $10 million. Only 7 of the homes have been on the market for less than 30 days.

Menlo Park

Menlo Park 2018 first half real estate market graphs

For Menlo Park the average price increased 17% to more than $3 million for the first time and the median price increased 25% to a record high of $2.85 million. The highest end of the market was strong with 5 sales inexcess of $6 million, including an all-time record high for Menlo Park at $10.075 million. Of the 144 sales in the first half, 107, or 74%, sold for more than list price. Homes also sold very quickly with 69% selling in 2 weeks or less. Currently, 25 single-family homes are pending sale and 29 are for sale, 15 of which have been on the market for more than 30 days.

Palo Alto

Palo Alto 2018 first half real estate market graphs

In Palo Alto the average sales price increased 10% to more than $3.8 million and the median price rose 12% to a record high of $3.3 million. The highest end of the market was strong with 7 sales in excess of $8 million. Of the 191 sales, 75% sold for more than list price. Homes also sold very quickly with 72% selling in 2 weeks or less. Currently 31 single-family homes are pending sale and 28 are for sale, 15 of which have been on the market for more than 30 days.

Los Altos

Los Altos 2018 first half real estate market graphs

In Los Altos the average and median sales price each increased 13% to more than $3.6 million and $3.4 million, respectively. The highest end of the market was strong with 11 sales in excess of $6 million. Of the 152 sales, 122, or 80%, sold for more than list price. Of the homes sold, 87% sold in 2 weeks or less. Currently 19 single-family homes are pending sale and 15 are for sale, 6 of which have been on the market for more than 30 days.

Los Altos Hills

Los Altos Hills 2018 first half real estate market graphs

Similarly, in Los Altos Hills the average price increased 10% to more  than $5.2 million and the median price increased 25% to $4.85 million. The highest end of the market preformed well with 5 sales for more than $8 million. Of the 39 sales, 20, or 51%, sold for more than list price. Of the sales, 46% sold in 2 weeks or less. Currently 9 homes are pending sale and 21 are for sale, 18 of which have been on the market for more than 30 days.


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