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December 2017 Real Estate Update

 

December 08 2017
December 08 2017
By

Looking back on 2017, it has been another record-breaking year for home prices in our area. Check out the market performance for specifics on each of the cities and towns.

It is too early to tell how the proposed tax law changes may impact our local real estate market, but we could see some changes in the new year. If you are considering buying or selling in 2018, 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.

Portola Valley

December 2017 real estate market performance Portola Valley

The median price this year, at $2,949,500, increased 9% from last year and a hefty 82% since the 2009 recession low of $1,650,000. Homes sold faster than ever this year with 50% selling in just 12 days or less. And, homes continue to sell with multiple offers and over list prices, particularly those offered under $2.5 million. Most of the sales this year, 42%, were between $2 million and $3 million and 7 homes sold for more than $5 million (per the Multiple Listing Service). In November, 13 homes closed escrow compared to just 5 in November last year, and 8 of those sold for more than list price. Inventory of homes for sale remains low with just 8 homes for sale, and all but one of these has been on the market for more than 30 days.

Woodside

December 2017 real estate market performance Woodside

Home prices in Woodside settled back down after two years of dramatic increases. The median price year-to-date is $2,250,000, a decrease of 20% from last year, but 45% more than the 2009 recession low of $1,555,000.Homes continue to sell with multiple offers and over list prices, particularly those at the “lower end” of the market. In fact, 30% of the sales this year were for more than list price. Most of the sales this year, 42%, were between $1 million and $2 million (an unusually high number, which pushed the median price down) but 3 homes sold for more than $10 million (per the Multiple Listing Service). In November, 7 homes closed escrow compared to 5 in November of last year, and none of these were for more than list price. Inventory, at 27, is lower than it has been for most of the year. Only 3 of the homes have been on the market for less than 30 days.

Atherton

December 2017 real estate market performance Atherton

Home prices in Atherton settled back down after two years of dramatic increases. The median price year-to-date is $4,750,000, a 21% decrease from last year but 70% more than the 2009 recession low of $2,790,000. Homes sold quickly this year with 50% selling in just 19 days or less. And, homes continue to sell with multiple offers and over list prices, particularly those at the “lower end” of the market. In fact, 38% of the sales this year were for more than list price. Most of the sales this year, 21%, were between $4 million and $5 million and 11 homes sold for $10 million or more (per the Multiple Listing Service). In November, 7 homes closed escrow compared to just 2 in November of last year, and 3 of those sold for more than list price. Inventory remains low with 21 homes for sale, all of which have been on the market for more than two months.

Menlo Park

December 2017 real estate market performance Menlo Park

The median price this year, at $2,275,000, increased 7% from last year and a hefty 107% since the 2009 recession low of $1,097,500. The number of sales is the lowest since 2000 due to the few number of homes available for sale. Clearly demand remains strong as 64% of the sales this year sold for more than list price. Most of the sales, 36%, were between $2 and $3 million, and 7 homes sold for more than $6 million (per the Multiple Listing Service). In November, 22 homes closed escrow compared to 24 in November of last year, and all but 4 sold for more than list price. Inventory remains low with just 16 single-family homes for sale, including 7 listed for more than $5 million.

Palo Alto

December 2017 real estate market performance Palo Alto

The median price this year, at $2,927,500, increased 15% from last year and a hefty 121% since the 2009 recession low of $1,322,500. The number of sales is one of the lowest since 2000 (currently we are at 339 sales; compare this to 801 sales in 2004). This is due to the few number of homes available for sale this year. Clearly demand remains strong as 70% of the sales this year sold for more than list price. Most of the sales, 45%, were between $2 and $3 million and 4 homes sold for more than $10 million (per the Multiple Listing Service). In November, 34 homes closed escrow compared to 36 in November of last year, and all but 8 sold for more than list price. Inventory remains low with 18 single-family homes for sale, including 4 listed for more than $13 million.

Los Altos & Los Altos Hills

Looking back on 2017, it has been another record-breaking year for home prices in Los Altos and Los Altos Hills. The median price this year in Los Altos, at $3,000,000, increased 11% from last year and a hefty 96% since the 2009 recession low of $1,530,500. In Los Altos Hills, the median price of $3,897,500, a 1% increase from last year and a hefty 72% increase since the 2010 recession low when it was $2,265,000. Clearly, demand remains strong as 70% of the sales this year in Los Altos/Los Altos Hills were for more than list price. Most of the sales, 41%, were between $2 and $3 million, and  7 homes sold for more than $6 million in Los Altos and 6 homes sold for more than $9 million in Los AltosHills (per the Multiple Listing Service). In November, sales were up significantly in both cities compared to November last year, and 62% sold for more than list price. Inventory remains low with just 16 single-family homes for sale in Los Altos and 21 in Los Altos Hills.

Los Altos

December 2017 real estate market performance Los Altos

Los Altos Hills

December 2017 real estate market performance Los Altos Hills


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owner

January 21, 2018 4:51 PM

I just love reading this blog.... Nice one