March 2016 Real Estate Update

 

March 15 2016
March 15 2016
03.16.Real Estate Update

At this time of year, we have spring breaks occurring at schools, which often keep both buyers and sellers preoccupied. I anticipate that the “normal” spring market will be upon us soon and we will see more activity. While there has been stock market volatility this year that very well could be affecting our market, local experts are still predicting a good year overall. I encourage you to read the articles below for more information. And, of course, it would be my pleasure to provide you with an in-depth consultation on your local market at any time. See the specifics below on each town.

Portola Valley

The 2016 real estate market in Portola Valley has been fairly slow to start, which is typical for this time of year. Five homes have gone into contract since January 1, 2 of which were sold off-market. However these 2 off market sales had been previously listed on Multiple Listing Service (MLS) in 2015. The 3 sales reported on the MLS were all offered within the $2 million price range and sold between 9 and 36 days after being listed. All 3 are currently pending sale and have not yet closed escrow. With these few number of sales, there is not sufficient data to determine any trends. Currently, there are 9 Portola Valley homes for sale on the MLS, 4 of which have been on the market for 45 days or longer.

Woodside

Fourteen homes have gone into contract in Woodside since January 1, 10 of which are pending close of escrow. Only 4 of these homes sold in 2 weeks or less and 5 homes took almost 6 months or more to sell. There are also 12 homes that are pending sale, half of which were on the market for more than 1 month. With just 4 closed escrows this year, there is not sufficient data yet to determine any trends. Currently, there are 15 Woodside homes for sale on the MLS, 5 of which have been on the market for more than 4 months.

Atherton

Since January 1, 9 homes have gone into contract in Atherton, 4 of which are pending close of escrow. All but 2 of the homes sold in less than 3 weeks, which is very encouraging, and all price ranges were represented – from $1.9 to $15.6 million. With just 2 closed escrows last month (the same as in February last year), there is not sufficient data yet to determine any trends. Currently, there are 31 Atherton homes for sale on the MLS, 8 of which have been on the market for 8 months or longer.

Menlo Park

The real estate market in Menlo Park was strong in February, although far fewer homes were sold than in the same period last year. 18 homes closed escrow and all but 3 of them sold for more than list price. Homes sold very quickly with 11 selling in less than 2 weeks and no home took longer than 32 days to sell. There are also 32 homes that are pending sale and almost all of these went into contract in 3 weeks or less. Currently, there are 18 Menlo Park homes for sale on the MLS, all but 6 of which have been on the market for 21 days or less.

Palo Alto

Similar to Menlo Park, the real estate market in Palo Alto was strong in February, with 26% more sales than in the same period last year. 24 homes closed escrow and all but 3 of them sold for more than list price. Homes sold very quickly with half selling in less than 2 weeks. There are also 23 homes that are pending sale and almost all of these went into contract in 3 weeks or less. Currently, there are 45 Palo Alto homes for sale on the MLS, 22 of which have been on the market for 3 weeks or more.

Los Altos & Los Altos Hills

The real estate market in Los Altos and Los Altos Hills was strong in February despite far fewer sales than the same time last year. 17 homes closed escrow and all but 4 of them sold for more than list price. Homes sold very quickly with all but 2 of them selling in 18 days or less. There are also 24 homes that are pending sale and most of these went into contract in 3 weeks or less. Currently, there are 14 Los Altos homes for sale on the MLS and 34 homes in Los Altos Hills for sale.

Real Estate News & Reports

Popping Housing Bubbles in San Francisco and Silicon Valley

Mortgage Rates Again at Historic Lows

Study Again Finds Homeownership to be a Better Way of Producing Wealth


Comments:

Leave a Comment

Name*
Email Help Tip
Website
Comment*
Characters Remaining: 5000