April 2016 Real Estate Update

 

April 20 2016
April 20 2016
04.16.Spring Market Update

The numbers are in for Q1 of 2016. Some areas fared better than others, the main challenge across the board is low inventory. However, spring seems to be arriving late this year as I am seeing the market heat-up, I anticipate inventory to steadily increase. Check out the specifics below for each of the cities/towns.

Portola Valley

The low inventory of homes for sale, with just 14 new listings, resulted in only 8 homes closing escrow in the first quarter. An additional 4 homes went into contract, but have not closed escrow. Due in part to the few number of sales, the average price in the first quarter was down 6.5% to $2,907,000 from last ear. The median price also declined 4.5% to $2,525,000.

In March, 3 homes closed escrow, all for substantially more than list price and all in less than 2 weeks. There are currently just 18 homes for sale, 12 of which came on in April and 5 of which have been on the market for at least 30 days and for as long as 7 months.

Woodside

The low inventory of homes for sale, with 26 new listings, resulted in 14 homes closing escrow in the first quarter. An additional 3 homes went into contract, but have not closed escrow. Prices went up significantly with the average price exceeding $4 million and representing an 8% increase since last year. The median sale price also increased reaching $4 million for the first quarter and representing a significant 45% increase compared to last year.

In March, 3 homes closed escrow, 2 that had been on the market for more than 345 days. There are currently just 18 homes for sale, 8 of which have come on in April, and 9 that have been on the market for at least 30 days and for as long as 10 months.

Atherton

There were 13 homes that closed escrow in the first quarter, just 2 more than in the first quarter last year. An additional 7 homes went into contract, but have not closed escrow. The average price declined to $6,027,462, representing a 17% drop since last year. The median sale price also declined by 34% to $4,600,000. However, showing a sign of buyer demand, all but 4 of the homes sold in the quarter sold for more than list price and with a median 11 days on market. In March, only 2 homes closed escrow, one for significantly more than list price. There are currently 26 homes for sale, 7 of which came on in April.

Menlo Park

There were 69 single-family and townhome/condos that closed escrow in the first quarter, almost the same as the first quarter last year. An additional 13 homes went into contract, but have not closed escrow. The average price declined slightly to $2,113,428, representing a 1% drop since last year. The median sale price, however, increased by 12% to $2,120,000. The majority of all sales in the quarter were for more than list price, which is a clear indication of buyer demand. In March, 14 single-family homes closed escrow and all but 3 of them sold for more than list price. There are currently 35 single-family homes for sale, 26 of which have come on in April.

Palo Alto

There were 82 single-family and townhome/condos that closed escrow in the first quarter, 10 more than the same quarter last year. An additional 24 homes went into contract, but have not closed escrow. The average price declined to $2,517,093, representing a 9% drop since last year. The median sale price also declined by 12% to $2,195,000. However, the majority of all sales in the quarter were for more than list price, which is a clear indication of buyer demand. In March, 15 single-family homes closed escrow and all but 3 of them sold for more than list price. There are currently 55 single-family homes for sale, which is more inventory than we have seen in some time. Thirty-six of these came on in April.

Los Altos & Los Altos Hills

In Los Altos, there were 45 sales of single-family and condo/townhomes in the first quarter compared to 72 in the same quarter last year. I attribute the drop in sales to the low inventory of homes for sale. An additional 9 homes went into contract in the first quarter, but have not closed escrow. The average price declined to $2,630,903, representing a 5% drop since last year. The median sale price showed a slight increase in the first quarter, reaching $2,625,000. The majority of all sales were for more than list price.

In Los Altos Hills, there were 13 sales in the first quarter compared to 24 in the same quarter last year. There are an additional 5 homes that went into contract in the first quarter, but have not closed escrow. The average price in the first quarter declined by 16% compared to last year. Keep in mind the average last year was exceedingly high due to 2 sales at $25 million and $18.5 million. The median sale price showed a slight increase in the first quarter, reaching $3,660,000.


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