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August 2017 Real Estate Update

 

August 07 2017
August 07 2017

Contrary to the popular belief that sales lag in summer, the real estate market performed quite well in July along the Peninsula. Even with this activity, I anticipate this to increase after Labor Day with sellers wanting to sell their home before the holidays.

Portola Valley

Portola Valley performed well in July with 4 homes going into contract (one of which I represented) and 5 homes closing escrow (2 of which I represented). Only one home sold in July for more than $2.775 million, resulting in a lower median price than we saw in the previous 3 months when it exceeded $3.2 million each month. However, the median days on market decreased to 10, matching this year’s previous low recorded in April. Currently, 4 homes are pending sale and 13 homes are for sale in Portola Valley.

Woodside

The real estate market in Woodside picked up in July with 11 homes going into contract and 3 homes closing escrow. One home sold for more than list price, and the median price for the month was the highest it has been all year. The overall year-to-date median sales price decreased by a significant 42%. Despite this dip however, homes sold quickly in July and all this year in comparison to last year. Currently, Woodside has 37 homes on the market and 13 pending sales.

Atherton

In July, Atherton had 10 homes go into contract and 8 homes close escrow. Two homes sold in July were for more than the list price, and the highest end of the market was strong with 2 sales inexcess of $10 million, resulting in a much higher median price than in the same period last year. For the year, though, the median price was down a slight 4%. It took longer for homes to sell in July after 4 months of median days on market of 20 or less. Currently, 20 homes are for sale in Atherton and 7 are pending sales.

Menlo Park

Menlo Park turned in a strong July performance with 13 single-family homes going into contract and 37 single-family homes closing escrow. More than half of the homes sold in July were for more than the list price, and the highest end of the market was very strong with 4 sales in excess of $5 million. This resulted in a much higher median price than in the same period last year. For the year, though, the median price was down a slight 2%. It took longer for homes to sell in July with the second-highest median days on market this year. Overall, records continue to be set this year in Menlo Park for average price, median price, and price per square foot. Currently, 21 single-family homes are for sale in Menlo Parkand 16 are pending sale.

Palo Alto

Palo Alto performed well in July with 28 single-family homes going into contract and 34 single-family homes closing escrow. The vast majority of the homes, 76%, sold in July were for more than the list price, and the highest end of the market was strong with 5 sales in excess of $4.7 million. However, the median price was slightly lower than in the same period last year, yet it is 8% higher year todate. Homes sold more quickly in July than in the same period last year but reached the second-highest median days on market for the year. Overall, records continue to be set this year in Palo Alto for average price, median price, and price per quare foot. Currently, 22 single-family homes are for sale in Palo Alto and26 are pending sale.

Los Altos and Los Altos Hills

There were 13 single-family homes that went into contract in Los Altos and 26 that closed escrow. In Los Altos Hills, 7 homes went into contact and 9 homes closed escrow. The median price increased a dramatic 30% in Los Altos Hills compared to the same period last year and 8% in Los Altos. In the combined cities, 24 of the 35 sales, or 74%, sold for more than list price. Overall, the 2017 market continues to set records in Los Altos and Los Altos Hills for average and median sales prices. Currently, Los Altos has 17 single-family homes on the market and 16 pending sales. Los Altos Hills has 27 homes for sale and 7 pending sales.


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