February 2016 Real Estate Update

 

February 17 2016
February 17 2016
02.15.Market Update

While it’s too early in the year to accurately predict what will happen to the real estate market in the area, we do know that there is uncertainty in the financial markets here and abroad, which may very well affect our local market. If the stock market continues to decline, which is often the trend in a presidential election year, we may see prices and sales level off. Because of this, right now could be the best time to sell a home particularly with little competition, which generally increases as we move into the spring months.

Six weeks into the new year and this is what's happening in the local real estate market.

Portola Valley

  • Three homes and one vacant parcel of land closed escrow in January; two additional homes sold off-market in February
  • There are five homes currently for sale on MLS. These homes range from $2.45 million to $15 million
  • There are three vacant parcels of land for sale
  • Homes priced $3 million or less are very attractive to buyers right now in Portola Valley

Woodside

  • Just one home closed escrow in January
  • There are 8 homes pending sale, half of which were for less than $1.5 million; 4 of the homes went into contract in February
  • There are 13 homes currently for sale on MLS, 7of which have been on the market for 3 months or more
  • There are 4 homes for sale for $10 million or more
  • Woodside homes priced at $2.5 million or less are very attractive to buyers right now

Atherton

  • Two homes sold very quickly in January and each sold for more than list price
  • There are 3 homes pending sale, each less than $4.2 million
  • There are 22 homes currently for sale on MLS,16 of which have been on the market for 3 months or more; 13 of which are for sale in excess of $10 million
  • Atherton homes priced at $4 million or less are very attractive to buyers right now

Menlo Park

  • There were 18 sales in Menlo Park in January, 16 single-family homes and 2 condo/townhomes. Of these just 6 sold for more than list price.
  • There are 17 single-family homes pending sale, only 2 of which were on the market for more than 30 days
  • There are only 11 single-family homes currently for sale on MLS
  • Menlo Park homes priced at $2 million or less are very attractive to buyers right now

Palo Alto

  • There were 17 sales in Palo Alto in January, 11 single-family homes and 6 condo/townhomes. Of these just 7 sold for more than list price
  • There are 16 single-family homes pending sale, only 3o f which were on the market for more than 30 days
  • There are 26 single-family homes currently for sale on MLS
  • Palo Alto homes priced at $2 million or less are very attractive to buyers right now

Los Altos and Los Altos Hills

  • There were 10 sales in Los Altos in January, 5 single family homes and 5 condo/townhomes. Six of these sold for more than list price
  • In Los Altos Hills, there were 3 sales, all of which sold for less than list price
  • There are 13 homes pending sale in Los Altos and 4 in Los Altos Hills
  • There are 23 homes currently for sale in Los Altos Hills, 12 of which have been on the market for 3 months or more. There are just 10 homes for sale in Los Altos
  • Homes priced at $2M

Having more than 30 years of experience representing buyers and sellers. Whether you are buying or selling, my local expertise, market knowledge and negotiating skills will bring you the best results. Please contact me any time for a personal consultation or just to catch up on the market.


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