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June 2018 Real Estate Update

 

June 15 2018
June 15 2018

The local real estate market really picked up in May. 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. Having been in the business since 1985, I know exactly what it takes to get these results for you. Please contact me any time for a personal consultation or just to catch up on the market. In the meantime, check out the specifics on the each of the individual markets in our local area.

Portola Valley

Ten transactions closed in May in Portola Valley, almost double the total number of sales from January through April. Prior to this, the highest number of sales in a single month this year was 4 due to the low inventory. In April, the number of new listings shot up to 17, which clearly contributed to the increase in sales. Even more exciting, all but 2 of the sales were for more than list price and by as much as 12%. On average, homes sold for 103% of list price. Homes also sold very quickly with all but one selling in 11 days or less. All of this is a clear indication of continued buyer demand. There are currently 18 homes for sale in Portola Valley, 13 of which have been on the market for 30 days or longer.

Woodside

The Woodside real estate market remained fairly constant in May with 4 sales; each month this year, there have been between 3 and 6 sales. The number of high-priced homes that sold resulted in a dramatic increase in the median and average price. Not surprising was the only sale for more than list price was the only one in the $2 million price range. On average, homes sold for 96% of list price. Except for the highest-priced home, homes also sold relatively quickly for Woodside. Overall, the average price year to date is up 21% compared to all of last year and the median price is up 22%. There are currently 32 homes for sale in Woodside, 22 of which have been on the market for 30 days or longer.

Atherton

The Atherton real estate market had 12 sales, just 4 fewer than the total number of sales from January through April. Prior to this, the highest number of sales in a single month this year was 7. The number of high-priced homes that sold resulted in a dramatic increase in median and average price. Three homes sold for more than list price; on average, homes sold for 98% of list price. All homes also sold relatively quickly for Atherton. The Atherton market is at record highs year to date with the average price up 55% compared to all of last year and the median price up 72%. There are currently 24 homes for sale in Atherton, 19 of which have been on the market for 30 days or longer.

Menlo Park

The Menlo Park had 33 sales in May, the same as the previous month. Encouraging to see were the number of high-priced homes that sold with 7 sales for $4 million or more. And, only 2 homes sold for less than list price – a clear indication of buyer demand. On average, homes sold for 114% of list price. Only 2 homes were on the market for more than 30 days. The Menlo Park market is at record highs year to date with the average price exceeding $3 million and up 18% compared to all of last year and the median price up 26%. There are currently 36 homes for sale in Menlo Park, 16 of which have been on the market for 30 days or longer.

Palo Alto

The Palo Alto had 39 sales in May, with 9 sales for more than $4 million. And, only 3 homes sold for less than list price – a clear indication of continuing buyer demand. On average, homes sold for 112% of list price. Only 1 home was on the market for more than a month. The Palo Alto market is at record highs year to date with the average price almost $4 million and up 11% compared to all of last year and the median price up 12%. There are currently 35 homes for sale in Palo Alto, 14 of which have been on the market for 30 days or longer.

Los Altos & Los Atlos Hills

The Los Altos and Los Altos Hills had 47 sales in May; prior to this the highest number of monthly sales was 38. Eleven of the sales sold for more than $5 million. There were 25 homes that sold for more than list price – a clear indication of continuing buyer demand. On average, homes sold for 104% of list price in Los Altos Hills and 109% in Los Altos. Only 3 homes were on the market for more than a month. The Los Altos Hills market is at record highs year to date with the average price exceeding $5 million and up 10% compared to all of last year and the median price up 38% and also exceeding $5 million. Los Altos has also reached record highs, over $3.6 million on average, a 13% increase, and $3.4 million for the median, also a 13% increase.


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