December 2016 Real Estate Update

 

December 13 2016
December 13 2016
09.16.Area Report

As we approach the end of the year and look back at 2016, we see that it turned out to be another strong year for our local real estate markets. Mortgage rates continued to decline despite predicted increases. The near record low mortgages converted many renters into buyers as homeownership could bring a lower monthly payment in some cases. 2016 also featured more eco-friendly additions to the home, including electric car charger stations in most newly constructed homes, solar panels for electricity, and synthetic lawns due to the ongoing drought.

If you are considering buying or selling in 2017, let’s talk about next steps now. Whether you are preparing to come on the market or searching for the perfect place to call home, the earlier you start the better in order to get a jump on the spring competition.

Statistics below are as of December 9, 2016 from the Multiple Listing Service.

Portola Valley

November 2016 Real Estate Update Portola Valley

In Portola Valley the median price of a home rose 3% to $2,715,000. The majority of the sales this year, 47%, sold between $2 million and $3 million and only 6 homes sold for more than $5 million. Five homes closed escrow in November, compared to just 1 in November last year. Three homes sold for more than list price. Inventory remains low with just 11 homes on the market, and all but 1 of these has been on the market for more than 30 days.

Woodside

November 2016 Real Estate Update Woodside

In Woodside, the median price of a home rose 8% to $2,980,000. Nineteen homes, or 28% of sales, sold for over $5 million, 5 of which sold for over $1million. Sales decreased slightly this year with 4 homes closing escrow in November, compared to 8 in November of last year. Currently, there are just 15 homes on the market, and all but 1 of these have been on the market for more than 30 days.

Atherton

November 2016 Real Estate Update Atherton

In Atherton, the median price of a home declined 6% to $5,600,000. However, the highest end of the market was particularly strong with 18 sales over $10 million and 9 sales over $15 million. Two homes closed escrow in November, compared to 3 in November last year. Inventory remains particularly low with just 15 homes for sale, only 1 of which has been on the market for less than 30 days.

Menlo Park

November 2016 Real Estate Update Menlo Park

In Menlo Park, the median price of a home rose 6% to $2,150,000. The majority of the sales this year, 36%, sold between $1 million and $2 million and 25% between $2 million and $3 million. Nine homes sold for more than $5 million. Twenty-three homes closed escrow in November, almost the same as last November, and 9 of those sold for more than list price. Inventory remains particularly low with 19 homes for sale, and all but 4 of these have been on the market for more than 30 days.

Palo Alto

November 2016 Real Estate Update Palo Alto

In Palo Alto, the median price of a home declined 4% to $2,550,000. The majority of the sales this year, 57%, sold between $2 million and $3 million. Twenty-six homes sold for more than $5 million and 3 homes sold for $10 million or more. The 36 homes that closed escrow in November, represents exactly double the number that sold last November, and all but 11 of these homes sold for more than list price – it was a very strong November! Inventory remains particularly low with 20 homes for sale, and all but 5 of these have been on the market for more than 30 days.

Los Altos and Los Altos Hills

November 2016 Real Estate Update Los Altos

November 2016 Real Estate Update Los Altos Hills

In Los Altos, the median price of a home declined 1% to $2,712,500 and in Los Altos Hills it increased 5% to $3,800,000. The highest end of the market was particularly strong in both cities with 8 homes sold in excess of $5 million in Los Altos and 5 homes in excess of $10 million in Los Altos Hills. Twenty-six Los Altos homes closed escrow in November, compared to 22 in November last year. In Los Altos Hills, 6 homes sold, the exact same as November last year. Inventory remains particularly low with just 15 homes for sale in Los Altos and 20 in Los Altos Hills.


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