June 2016 Real Estate Update

 

June 14 2016
June 14 2016
06.16.June real estate update

Overall the real estate market performed well in May, some towns and cities faring better than others. Inventory remains one of the bigger challenges in most areas, but has also resulted in some significantly higher prices. Buyer demand remains strong, making it a seller’s market. But even with strong demand, whether you are buying or selling, it is critical that homes are inspected properly and negotiated aggressively to ensure the best results for price and terms of sale. I know exactly what it takes to get theseresults for you. Please contact me any time for a personal consultation or just to catch up on the market.

Portola Valley

The Portola Valley real estate market really picked up in May with 13 sales, almost outperforming the total number of sales from January through April at 15. Prior to this, the highest number of sales in a single month was 5. Of the May sales, 9 sold for more than list price and many of these for less than $3 million, clearly an attractive price point for buyers. That said, it’s worth noting the highest sale in May, at $5.8 million, was for 5.5% more than list price. As has been the trend lately, the low number of sales corresponds to the low level of inventory available this year. In late April, we saw an uptick in new listings that came on the market that led to the May increase in sales volume. Buyer demand was clearly evidenced by the fact that 69% of the homes sold in 2 weeks or less, while the longest sale only took 34 days. Of the 17 homes currently for sale, more than half have been on the market for 30+ days.

Woodside

While sales volume in Woodside decreased in the first 5 months compared to the same period last year, the prices increased. The 6 sales in May ranged from $1.1 to $7.1 million. The median price reached $4 million in May, 62% higher than the same period last year. Despite this increase, only 4 properties sold for more than list price so far this year. Of the 25 homes currently for sale in Woodside, 9 have been on the market for more than 60 days and 4 came on the market within the last 2 weeks.

Atherton

After a slow start this year, the Atherton real estate market performed consistently throughout March, April, and May with either 9 or 10 sales each month. As a result, sales volume remained flat year-over-year. Prices, on the other hand, declined, which is to be expected after the record-setting year in 2015. While the median price increased dramatically from May of last year, overall it decreased by 23% for the year. Of the 9 sales in May, 6 sold for more than list price in all price ranges, not just the lower end. There are currently 34 homes for sale in Atherton, 13 of which have been on the market for 100 days or more.

Menlo Park

As has been the trend, the real estate market in Menlo Park continues to grow with increasing prices and strong sales. Although the median price decreased slightly in May compared to the same period last year, it increased by 11% for the year. Of the 26 sales in May, all but 7 sold for more than list price! With demand like this, it’s no surprise that homes sold quickly; in fact, only 4 homes were on the market for more than 2 weeks. There are currently 36 single-family homes for sale, only 3 of which came on the market in the past week. While overall we have seen an uptick in the number of new listings that came on the market, buyer demand has not waned.

Palo Alto

The Palo Alto real estate market really picked up in May with 44 sales, outperforming the previous high of 34 sales in March. Most notable was the fact that 57% of the homes sold for more than list price – a clear indication that buyers want to be in Palo Alto. The highest end of the market performed well with 7 sales in excess of $5 million, 2 of which sold for more than list price. While the median price increased slightly compared to May of last year, overall it decreased by 4% for the year. There are currently 57 homes for sale in Palo Alto, so competition is heating up for sellers.

Los Altos and Los Altos Hills

As has been the trend, the real estate market in Los Altos and Los Altos Hills continues to grow with increasing prices and strong sales. The median price in Los Altos exceeded $3 million, up 3% compared to the same period last year. In Los Altos Hills, the median price climbed over $3.7 million in May, up 4% for the year. Sales also rose with a combined total of 42; half of which sold for more than list price. There are 33 single-family homes currently for sale in Los Altos and 28 in Los Altos Hills.

 

 

 


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