Prices remain strong in the first half of 2015, and in many cases at record highs, throughout Portola Valley, Woodside, Atherton, Menlo Park, Palo Alto, Los Altos and Los Altos Hills. While new listings have definitely picked up in the past few months, the year-overyear trend shows a decline in the number of new listings. Buyers want to live here and it's still a great time for sellers. Whether you buying or selling, my local expertise, market knowledge and negotiating skills will bring you the best results. Please contact me any time for apersonal consultation or just to catch up on the market. Check out the specific neighborhoods' market performance below.

Portola Valley

Only 4 homes closed escrow in June, all of which went into contract in April and May. Already in the first 7 days of July, 5 homes closed escrow. During June, only 3 homes went into contract, the fewest number since February. April showed the strongest number of sales so far this year,with 14 homes in contract.

Prices remain very strong. Three of the closed sales in June sold for more than list price and one at list price – a clear indication of buyer demand. Having passed the mid-year point, it is encouraging to report that the average price increased 18% in Portola Valley compared to the same period last year. The median price (half of the homes sold above this number) also increased by 6% rising to $2,625,000 from $2,465,000 last year.

The 6 homes currently for sale in Portola Valley have been on the market between 30 and 138 days. As has been the trend all year, the limited number of homes for sale continues to fuel the market. Buyers havediscovered the excellent value and lifestyle afforded in Portola Valley – what many of us have known for years –but with low inventory, prices will continue to go up.

Woodside

Prices remain at record highs in the first half of 2015 with an average of almost $4 million and median of $2.5 million. This represents a 27% and 12% increase, respectively,compared to last year.

In June, 12 homes closed escrow, the same number that sold in June of 2014. Four of these sold above asking price with one selling at 40% over list price. On average, homes sold for 102% of list price. The highest end of the market also performed well with 2 sales in excess of $12 million.

Of the 28 homes currently for sale, 2 listed in the past week and 6 are listed for $10 million or more. An additional 8 homes are pending sale.

Atherton

Atherton sales rose to an average exceeding $7 million and median exceeding $6.312 million. This represents a 29% and 58% increase, respectively, compared to last year.

In June, 9 homes closed escrow, the same number that soldin June of 2014. Three of these sold above asking price, with one selling at 13% over list price. On average, homes soldf or slightly over list price. The highest end of the market performed well with 2 sales in excess of $10 million.

Of the 16 homes currently on the market, none listed in thelast 2 weeks, and 11 are listed for more than $10 million. An additional 5 homes are pending sale.

Menlo Park

The Menlo Park sales price average exceeded $2 million and median at $1.925 million. This represents a 9% and 18% increase, respectively, compared to last year.

In June, 33 homes closed escrow, quite a decline from the 50 homes sold in June of 2014. All but 9 of these sold above list price, and in all price ranges, from the very highest to the lowest. Another 9 sold for more than 20% above list price. On average, homes sold for 112% of list price. The highest end of the market also performed well with 3 sales in excess of $3.8 million.

Of the 23 single-family homes currently on the market, 5 listed in the last week and an additional 27 homes are pending sale.

Palo Alto

Prices remain at record highs in the first half of 2015 with an average exceeding $2.8 million and median at $2.5 million. This represents a 19% and 18% increase, respectively, compared to last year.

In June, 46 transactions closed escrow, about the same number that closed in June of 2014, and 32 of these were single-family homes. All but 9 sold for more than list price, and in all price ranges, from the very highest to the lowest. Another 3 homes sold for more than 50% above list price. On average, homes sold for 112% of list price. The highestend of the market performed particularly well with 4 sales in excess of $5 million.

Of the 34 single-family homes on the market, 12 listed in the past week and another 30 homes are pending sale.

Los Altos and Los Altos Hills

Prices remain at record highs in the first half of 2015 with anaverage in Los Altos of more than $2.8 million and median of $2.61 million. This represents a 20% and 17% increase, respectively, compared to last year. In Los Altos Hills, the first half average price exceeded $4.8 million and the median exceeded $3.6 million, representing a 27% and 19% increase, respectively, compared to the same period in 2014.

In June in both cities, 44 single-family homes closed escrow. All but 14 of these sold for over list price, with one selling 47% over list price. On average, homes sold for 109% of list price. The highest end of the market performed well with 9 sales in excess of $5 million.

Of the 23 homes for sale in Los Altos, 7 listed in the last week. And in Los Altos Hills of the 25 currently on the market, 7 listed in the past week. An additional 29 homes in Los Altos and 3 in Los Altos Hills are pending sale.