April 2017 Real Estate Update

 

April 11 2017
April 11 2017
09.16.Area Report

The first quarter results are in for the local real estate markets. While some cities and towns show a decrease in average sales price, it's too early in the year to be concerned about any downward trend in prices. I anticipate inventory to increase steadily as we move more into the spring selling months. Because buyers are always searching for new listings and inventory remains low, it’s a strong market for sellers. Now is the time to act and t would be my pleasure to represent you in buying or selling your Menlo Park home. If you would like to discuss the market further, please don’t hesitate to contact me.

Portola Valley

March 2017 Portola Valley market trends

Thirteen homes closed escrow in the first quarter, compared to 8 in the same quarter last year. An additional 3 homes went into contract during the first quarter that have not closed escrow. The second quarter kicked off with 5 homes going into contract and now pending sale.The average sales price in the first quarter declined 11% to $2,579,731, while the median price increased by 3%.The highest sale in the first quarter was $3.3 million, which contributed to the lower than normal average sales price. The most recent sales in March were all listed in the $2 million price range; 4 of the 5 homes sold for more than list price and all sold very quickly.

Woodside

March 2017 Woodside market trends

Six homes closed escrow in the first quarter, compared to 13 in the same quarter last year. One additional home went into contract during the first quarter that has not closed escrow. The second quarter kicked ff with another home going into contract and is pending sale.The average sales price in the first quarter declined 50% from last year to $2,022,000. All of the sales were priced on the low-end by Woodside standards, which contributed to the decreased average sale price. I will bekeeping a close eye on the Woodside market particularly with the 28 homes currently for sale, 18 of which have been on the market for more than 30 days.

Atherton

March 2017 Atherton market trends

Eleven homes closed escrow in the first quarter, compared to 13 in the same quarter last year. An additional home went into contract during the first quarter that has not closed escrow and another home went into contract in the second quarter and is pending sale.The average sales price in the first quarter declined 21% to $4,771,364, while the median price stayed the same. Most of the sales were priced on the low-end by Atherton standards,which contributed to the lower average sale price. I will be keeping a close eye on the Atherton market particularly with 30 homes currently for sale, 15 of which have been on the market for more than 30 days.

Menlo Park

March 2017 Menlo Park market trends

Fifty-three single-family homes closed escrow in the first quarter, compared to 59 in the same quarter last year. An additional 18 homes went into contract during the first quarter that have not closed escrow. The second quarter kicked off with another 13 homes going into contract and now pending sale. The average sales price in the first quarter increased 1.3% to $2,287,960. The 7 homes on the east side that sold for less than $1 million contributed to the lower average sale price. The most recent sales in March indicate strong demand as 11 of the 18 homes sold were for more than list price.

Palo Alto

March 2017 Palo Alto market trends

Fifty-four single-family homes closed escrow in the first quarter, compared to 60 in the same quarter last year. An additional 20 homes went into contract during the first quarter that have not closed escrow. The second quarter kicked off with 15 homes going into contract and now pending sale.The average sales price in the first quarter increased 11% to $3,214,528, a new record high. The median price increased 9% and also reached a new record at $2,724,000. The most recent sales in March indicate strong demand as all but 9 homes sold for more than list price.

Los Altos

March 2017 Los Altos market trends

Los Altos Hills

March 2017 Los Altos Hills market trends

Thirty-five single-family homes closed escrow in the first quarter, a huge decline compared to 75 in the same quarter last year. An additional 23 homes went into contract during the first quarter that have not closed escrow. The second quarter kicked off with 25 homes going into contract and now pending sale. The Los Altos average sales price in the first quarter increased 8% to $3,206,382, exceeding $3 million for the first time. The median price also increased 8% and reached a new high of $2,950,000. In Los Altos Hills, the average price in the first quarter was are cord high of $4,720,167, a 29% increase compared to the same quarter last year. The median price increased 4% and reached a new high of $3,820,000. The most recent sales in March indicate strong demand as all but 4 homes sold for more than list price.


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