August 2016 Real Estate Update

 

August 24 2016
August 24 2016

Contrary to the popular belief that sales lag in the summer, the real estate market in quite a few of the local cities and towns performed quite well this year. I anticipate the inventory to increase after Labor Day with sellers wanting to get their home sold before the holidays.

Portola Valley

Since July 1, 6 homes closed escrow and another 7 homes went into contract and are now pending sale. While sales remain strong, the days on market increased to an average of 46 days for the 13 homes that sold. Despite the fact that only 1 of the July homes sold for over list price, July recorded the second highest median sales price this year and represented a 5% increase over last year. Currently, Portola Valley has 10 homes for sale.

Woodside

Since July 1, 8 homes closed escrow, plus another 8 homes went into contract and are now pending sale. Prices remain strong as evidenced by the 29% increase in the median price over last year. Additionally, homes continue to sell for more than list price. So far this year over a quarter of the transactions sold for more than list price. Currently, Woodside has 25 homes for sale, only 2 of which came on the market less than 2 weeks ago.

Atherton

Since July 1, 9 homes closed escrow, plus another 5 homes went into contract and are now pending sale. While sales remain strong, the days on market increased to an average of 77 days for the 14 homes that sold, with half of these on the market for 46 days or longer. Despite the fact that the median price decreased by 16% over last year, it still exceeds $5M. Currently, Atherton has 29 homes for sale, only 3 of which have come on the market in the last 2 weeks.

Menlo Park

Since July 1, 32 homes closed escrow, and another 19 homes went into contract and are now pending sale. While the days on market increased to an average of 24 days, prices remain strong as evidenced by the 11% increase in the median price compared to last year. Additionally, the majority of homes continue to sell over list price. Currently, Menlo Park has 29 homes for sale.

Palo Alto

Since July 1, 44 homes closed escrow plus another 28 homes went into contract and are now pending sale. While sales remain strong, the days on market increased to an average of 24 days. Despite the fact that the median price decreased 4% from last year, it still exceeded $2.5M and many of the July homes sold over list price. Currently, Palo Alto has 44 homes for sale.

Los Altos and Los Altos Hills

Since Jluy 1, 42 homes closed escrow and another 27 homes went into contract and are now pending sale. While the days on market was an average of 30 days, sales remain steady as evidenced by the 1.6% increase in median price in Los Altos and 6% decrease in Los Altos Hills. Additionally, many of the homes continue to sell over list price. Currently, there are 35 homes for sale in Los Altos and 24 in Los Altos Hills.


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