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April 2018 Real Estate Update

 

April 10 2018
April 10 2018
By

The real estate market is experiencing historic low interest rates and rising rents, driving buyers who want to realize the dream of homeownership. With limited housing inventory, buyers are competing against one another for those properties that are priced well and in good condition. The competition is resulting in fierce bidding wars, which candrive-up housing prices. With short supply and high demand, it remains a seller’s market in the Silicon Valley. However, I anticipate inventory to increase steadily as we move further into the spring months. And buyers should be prepared: line up solid financing, be ready to make a quickpurchase decision, and be reasonable about offers and expectations.

Whether you are buying or selling, I know exactly what it takes to get you the best results. Please contact me anytime to talk about your home, about buying, or just to catch up on the market.

Portola Valley

Looking more specifically at Portola Valley, the first quarter of 2018 saw 14 new listings come on the market, resulting in 8 sales so far. One additional property went into contract, but has not closed escrow. No vacant land has sold. Despite the few number of sales, the median price in the first quarter soared – up 40% to $3,625,000 compared to the samequarter last year, and up 21% compared to all of 2017. All but 1 of the homes sold between $2.2 million and $6.45 million. In March, 3 homes closed escrow, 1 for substantially more than list price, and all sold very quickly. Currently, Portola Valley has 19 homes for sale, 5 of which have been on the market for at least 30 days.

Woodside

In Woodside, the first quarter of 2018 saw 28 new listings come on the market, resulting in 13 sales so far. Four additional properties went into contract in Q1 but have not closed escrow. Despite the few number of sales, the median price in the first quarter soared – up 32% to $2,910,000 compared to the same quarter last year, and up 24% compared to all of 2017. All but 1 of the homes sold between $2.2 and $6 million. In March, 3 homes closed escrow, 2 for substantially more than list price, and all sold very quickly. Currently, Woodside has 27 homes for sale, 19 of which have been on the market for at least 30 days.

Atherton

Atherton’s the first quarter of 2018 saw 32 new listings come on the market, resulting in 8 sales so far as reported in the Multiple Listing Service. Four additional properties went into contract in Q1 but have not closed escrow. The median price in the first quarter soared – up 78% to $8,750,000 compared to the same quarter last year, and up 84% compared to all of 2017. All homes sold from $3.49 million to $11.5 million. In March, 3 homes closed escrow, 1 for list price, and all sold very quickly. Currently, Atherton has 25 homes for sale, 14 that have been on the market for more than 30 days.

Menlo Park

Menlo Park’s first quarter of 2018 saw 85 new listings come on the market, resulting in 48 sales so far. Six additional properties went into contract in Q1 but have not closed escrow. The median price in the first quarter soared – up 50% to $3,000,000 compared to the same quarter last year, and up 32% compared to all of 2017. All homes sold between $1 million and $6.8 million. In March, 20 homes closed escrow, 24 for more than list price, and all but one sold very quickly. Currently, Menlo Park has just 25 single-family homes for sale, only 9 that have been on the market for more than 30 days.

Palo Alto

Palo Alto’s first quarter of 2018 saw 115 new listings come on the market, resulting in 71 sales so far. Six additional properties went into contract in Q1 but have not closed escrow. The median price in the first quarter soared – up 20% to $3,300,000 compared to the same quarter last year, and up 12% compared to all of 2017. All homes sold from $1.6 to $9.1 million. In March, 42 homes closed escrow, 33 for more than list price, and almost all sold very quickly. Currently, Palo Alto has 38 single-family homes for sale, only 9 that have been on the market for more than 30 days.

Los Altos and Los Altos Hills

In Los Altos and Los Altos Hills, the first quarter of 2018 saw 116 new listings come on the market, resulting in 72 sales so far. Another 20 properties went into contract in Q1 but have not closed escrow. The median price in the first quarter soared in Los Altos Hills – up 37% to $5,497,500 compared to the same quarter last year, and up 42% compared to all of 2017. All homes sold from $2.7 million to $9 million. In Los Altos, the median price in the first quarter was up 17% to $3,462,500 compared to the same quarter last year, and up 15% compared to all of 2017. All homes sold between $2 million and $7.1 million. In March, 34 homes closed escrow, 26 for more than list price, and all but 4 sold very quickly. Currently, Los Altos Hills and Los Altos each have 21 homes for sale.


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