March 2017 Real Estate Update

 

March 08 2017
March 08 2017
02.17.Area report

As the housing market approaches the end of the first quarter, there have been some encouraging signs for homeowners who may be weighing whether to sell. The year kicked off on a fairly strong note for the housing market on a national, statewide and local level. The overall real estate theme in the region continues to be a shortage of supply met with strong buyer demand. Open houses are attracting large turnouts and we continue to see multiple offers for properties across most price ranges. However it’s the “lower-priced” homes driving the most activity. I am seeing this trend our neighboring communities as well; anything that is “reasonably” priced is getting snatched up quickly and with multiple offers.

With this few number of homes for sale, it remains a seller’s market but perhaps not for long as I know of several listings coming on the market this spring. Now is the time to act and it would be my pleasure to represent you in buying or selling your Portola Valley home. If you would like to discuss the market further, please don’t hesitate to contact me.

Portola Valley

Market report February 2017 Portola Valley

The lower price range performed strongly last month, which in the Portola Valley market is anything under $3 million, as demonstrated with all 4 February sales between $2.4 and just over $3 million. Of these sales, 1 sold without ever reaching the public market and 2 sold in less than 12 days. An additional 2 homes are currently in contract and pending sale, each in the mid-$2 million price range. Only 8 homes are currently for sale in Portola Valley, 5 of these just came on the market.

Woodside

Market report February 2017 Woodside

The lower price range performed strongly last month, which in the Woodside market is anything under $3 million, as demonstrated by the 2 February sales between $1.6 and $3 million. An additional 3 homes are currently in contract and pending sale, each for less than $2 million. I see this trend in neighboring communities as well. There are 18 homes currently for sale in Woodside, 5 of which came on the marketin the past 2 weeks.

Atherton

Market report February 2017 Atherton

In Atherton, there were just 2 sales that closed escrow in February and there are an additional 3 homes currently in contract and pending sale, including one listed for $12.9 million. There are 23 homes currently for sale in Atherton, 9 of which came on the market in the past 2 weeks.

Menlo Park

Market report February 2017 Menlo Park

The low price range defined as anything under $2 million in Menlo Park performed strongly  as well, with 11 of the 19 sales selling for less than $2.2 million, 8 of which sold for more than list price. An additional 13 homes are currently in contract and pending sale. There are 20 single-family homes currently for sale in Menlo Park, 8 of which came on the market in the past 2 weeks.

Palo Alto

Market report February 2017 Palo Alto

Again in Palo Alto, the “lower-priced” homes (anything under $2.5 million) drive the most activity, as demonstrated by 10 of the 13 February sales that were listed for less than $2.5 million, 6 of which sold for more than list price. An additional 22 homes are currently in contract and pending sale in Palo Alto and there are 32 single-family homes currently for sale, a higher number than we have seen in some time.

Los Altos

Market report February 2017 Los Altos

Los Altos Hills

Market report February 2017 Los Altos Hills

As with other neighborhoods, it’s the “lower-priced” homes driving the most activity, which in Los Altos is anything under $2 million and in Los Altos Hills anything under $3 million. Only 4 of the 21 homes sold in February did not sell for more than list price. There are an additional 20 homes currently in contract and pending sale in all price ranges. There are 29 single-family homes currently for sale in Los Altos and 22 in Los Altos Hills, higher numbers than we have seen in some time.


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