Skip to Content Area

August 2015 Real Estate Update

July 2015 sales compared to 2014 in Portola Valley

As we head into the end of summer with people returning from vacations and focusing on back-to-school, we start to see a seasonal shift in the real estate market. See the specifics below for Portola Valley, Woodside, Atherton, Menlo Park and Palo Alto real estate markets.

Portola Valley

July 2015 sales comparison Portola Valley

In the past 4 weeks in Portola Valley, just 4 homes went into contract, 3 of which were in Ladera. It is encouraging to see 3 new listings just this past week, ranging in price from $1.7 to $6.8 million, making a total of 10 homes for sale in Portola Valley.

In July, 8 homes closed escrow in Portola Valley, ranging in price from $2 million to $4.73 million. Half of these homes sold for more than list price and 5 were on the market for 2 weeks or less – all clear indications of buyer demand.

The data in the table above shows an almost 20% decrease in the number of new listings this year compared to last year, and as a result, the number of sales decreased 27%. Forty-one single-family home sold this year (as of August 11) compared to 60 sales in the same period last year. Record-setting prices continue to soar with an average price of $3,161,804, representing a 14% increase. Half of all the sales this year have been for $2.626 million or more.

Woodside

July 2015 sales comparison Woodside

The Woodside market is on a steady course with 9 homes going into contract in the last 4 weeks and 15 new listings. Currently, there are 31 homes for sale in Woodside.

In July, 6 homes closed escrow in Woodside ranging in price from $945,000 to $12.875 million. Two of these homes sold for more than list price. The data in the table above shows a17% decrease in the number of new listings this year compared to last year, and as a result, the number of sales decreased 15%. As of August 12, there have been 55 sales compared to 74 sales in the same period last year. Record-setting prices continue to soar with an average price of $3,943,259, representing a 28% increase. Half of all the sales this year have been for $2.5 million or more.

Atherton

July 2015 sales comparison Atherton

In the past 4 weeks in Atherton, just 7 homes went into contract but there have been no new listings in the past 2 weeks. Currently, there are 16 homes for sale in Atherton. In July, 6 homes closed escrow in Atherton ranging in price from $2.55 million to $10.2 million. Four of these homes sold for more than list price and they all sold in 35 days or less – all clear indications of buyer demand.

The data in the table above shows a 17% decrease in thenumber of new listings this year compared to last year, and as a result, the number of sales decreased 30%. As of August 12, there have been 49 sales compared to 70 sales inthe same period last year. Record-setting prices continue to soar with an average price of $6,984,826, representing a 30% increase. Half of all the sales this year have been for $6.05 million or more.

Menlo Park

2015 sales comparison Menlo Park

In the past 2 weeks in Menlo Park, there were just 5 new single-familyhome listings, ranging in price from $945,000 to $3.19million, making a total of 17 homes for sale in Menlo Park.

In July, 43 homes closed escrow in Menlo Park ranging in price from $600,000 to $6.6 million. There were 37 single family homes that closed escrow and 76% of these sold for more than list price – a clear indication of buyer demand. There are an additional 27 homes that are in contract but have not yet closed escrow.

The data in the table above shows a 9% decrease in thenumber of new listings this year compared to last year, and as a result, the number of sales decreased 11%. As of August 12, 200 single-family homes sold in Menlo Park compared to 214 sales in the same period last year. Record-setting prices continue to soar with an average price of $2,147,890, representing a 13% increase. Half of all the sales this year have been for $1,927,500 or more.

Palo Alto

July 2015 sales comparison Palo Alto

In the past 2 weeks in Palo Alto, there were 12 new single-family home listings, ranging in price from $1,799,999 to $7,750,000, making a total of 25 homes for sale in Palo Alto.

In July, 46 homes closed escrow in Palo Alto ranging in price from $1.9 million to $6.95 million. There were 34 single-family-homes that closed escrow and 62% of these sold for more than list price – a clear indication of buyer demand. There are an additional 25 homes that are in contract but have not yet closed escrow.

The data in the table above shows a 5% decrease in the number of new listings this year compared to last year, and as a result, the number of sales decreased 11%. As of August 12, 205 single-family homes sold in Palo Alto compared to 221 sales in the same period last year. Record-setting prices continue to soar with an average price of $2,808,753, representing a 17% increase. Half of all the sales this year have been for $2,450,000 or more.

Los Altos and Los Altos Hills

July 2015 comparison Los Altos/Hills

In the past 2 weeks in Los Altos, there were 12 new single-family home listings, ranging in price from $1.898 million to $3.898 million, making a total of 15 homes for sale in Los Altos. In Los Altos Hills, there were 7 new listings, ranging from $2.995 million to $24 million, making a total of 29 homes for sale in Los Altos Hills.

In July, 32 homes closed escrow in Los Altos, 29 of which were single-family homes, and 3 homes closed escrow in Los Altos Hills. Of these 32 single-family homes, 66% sold for more than list price – a clear indication of buyer demand. There are an additional 40 homes that are in contract in Los Altos and Los Altos Hills but have not yet closed escrow.

The data in the tables above show a 9% increase in the number of new listings in Los Altos this year compared to last year, and as a result, the number of sales increased 5%. In Los Altos Hills, the number of new listings and number of sales also increased, by 22% and 29% respectively, compared to last year. Record-setting prices continue to soar with an average price of $2,801,772 in Los Altos,representing a 19% increase. Half of all the sales this year have been for $2,608,889 or more. In Los Altos Hills, the average price is $4,799,780, representing a 30% increase and half of all the sales have been for $3,694,000 or more.

Ginny Kavanaugh

Top Agent
Ginny is a top producing agent with more than 25 years of experience. She ranks amongst the top 1%...

Contact

This field is required.
This field is required.
Interested in Selling My Home
Interested in Buying a Home
$
$
Send
Reset Form

Phone

John Kavanaugh: 415.377.2924 Joe Kavanaugh: 650.400.5312 Ginny Kavanaugh: 650.400.8076