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August 2018 Real Estate Update

 

August 14 2018
August 14 2018
By

Statistics in our area indicate a slight slowdown in home sales; fewer multiple offer situations; and even some price drops occurring. Of course, the data must be taken in context. Variables such as neighborhood and price point can dramatically shift these figures. It’s important to keep any eye on these numbers to determine if we are seeing a seasonal trend or a shift in the market. While it’s far too early to tell, you can be sure that I stay on top of the real estate market every day and would be happy to discuss it with you in detail anytime. Just call, text, or email me. In the meantime, enjoy the rest of your summer!

Portola Valley

Overall Portola Valley sales decreased in July, however this is not an uncommon trend for this time of year as many people are out of town. Year-to- date, the number of sales is just 3 fewer than the same period last year. The number of homes for sale in Portola Valley, 67% of which have been on the market for more than 60 days, is the highest it has been since January, which means more competition for sellers. Another current factor of note is the sales to list price ratio, or what buyers are paying compared to what sellers are asking, July had an average of 95.4%, the lowest level since January 2017. Since then, only 3 months have had an average that was less than 100%.

Woodside

In Woodside, sales were strong in July and year-to-date, the number of sales is up by 14 compared to the same period last year. The median price was up dramatically in July, the highest it’s been since April 2016. This year, there have been 15 sales for more than $5 million, 5 of which occurred in July. Only one home sold in July for more than list price. The sales to list price ratio was an average of 94.9%. This is not a trending statistic yet, as the average exceeded 100% just twice in the past 12 months.

Atherton

In Atherton, sales were strong in July, but year-to-date the number of sales is down by 12 compared to the same period last year. The median price for the month exceeded $6 million, which was the second lowest monthly median price this year. Year-to-date, the median price is up 32% compared to the same period last year. This is a result of 11 sales for more than $10 million in the first 7 months compared to 8 last year. Only one home sold in July for more than list price. The sales price to list price ratio was an average of 100.8%. In 3 of the months this year, the average was less than 100% of list price.

Menlo Park

In Menlo Park, sales of single-family homes were strong in July and year-to-date, the number of sales is down by just 9 compared to the same period last year. The median price for the month was the third lowest this year; in February, March, and April, the median exceeded $3 million. But for year-to-date, the median price is up 27% compared to the same period last year. Sixteen homes, or 53%, sold in July for more than list price. This percentage has been steadily declining. The sales price to list price ratio was an average of 104.8% – the lowest average since July of last year.

Palo Alto

In Palo Alto, sales of single-family homes were strong in July and year-to-date, the number of sales is up by 19 compared to the same period last year. The median price remained over $3 million, as it has every month since August 2017. Year-to-date, the median price is up 17% compared to the same period last year. Sixteen homes, or 57%, sold in July for more than list price. This percentage has been steadily declining. The sales to list price ratio was an average of 105% – the lowest average since January.

Los Altos & Los Altos Hills

In Los Altos and Los Altos Hills, sales of single-family homes were strong in July but year-to-date, the number of sales is down compared to the same period last year. The median price in Los Altos remained over $3 million, as it has every month since September 2017. Year-to-date, the median price is up 14% compared to the same period last year. In Los Altos Hills, the median price was over $4.8 million but exceeded $5 million in 3 previous months this year. Year-to-date, the median price is up 16% compared to the same period last year. Twenty-one homes, or 64%, sold in July for more than list price. This percentage has been steadily declining. The sales price to list price ratio was an average of104.6% – the lowest since September 2017.


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