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March 2018 Real Estate Update

 

March 16 2018
March 16 2018
By

As we approach the end of the first quarter (where has the time gone!), the real estate market indicators remain constant throughout the cities on the Peninsula: limited supply and high demand. The inventory shortage is fueling increased prices, and more specifically the median price, as we continue to see a strong seller’s market across the board.

It may be a seller’s market, but Silicon Valley buyers are business savvy, and while some cities continue to experience the multiple offer frenzy we have witnessed over the last couple of years, others are experiencing a slight cooling. In either case, it’s too early to call this a 2018 trend, but it’s certainly something to keep our eye on to better determine demand. Stay tuned to this monthly blog for updates.

I anticipate inventory to increase as we move into spring, but not necessarily enough to meet demand. Now is the time to act and it would be my pleasure to represent you in buying or selling your next home.

Check out each of the cities and towns below for more specifics on each.

Portola Valley

In Portola Valley, the median sales price in the first 2 months of the year reached $3,450,000 – a 15% increase since 2017. Only 5 homes closed escrow in this time frame (compared to 8 in the same period last year) and prices ranged from $740,000 to $6,450,000. One additional home, listed at $5,498,000, went into contract in February and is due to close escrow this month. Despite the strong real estate market indicators, none of the sales so far this year have sold for more than list price: 1 sold for asking and the other 4 sold below list price. Currently, Portola Valley has 9 homes for sale, 5 of which have been on the market for almost 5 months or more.

Woodside

In Woodside, the median sales price in the first 2 months of the year reached $3,100,000 – a 32% increase compared to 2017. The number of sales more than tripled: 10 homes closed escrow in this time frame, compared to just 3 in the same period last year; prices ranged from $950,000 to $6,000,000. Two additional homes went into contract in February and are due to close escrow this month. There were 6 sales in February, 3 of which sold for more than list price, including the highest-priced sale. This is encouraging as there were no over-list-price sales in January and last year only 31% of all sales were for more than list price.

Atherton

In Atherton, only 5 homes closed escrow in the first 2 months of the year, all of which occurred in February. Three of these were for more than $8 million; consequently, the median price reached $8,500,000, a 79% increase compared to all of 2017. Currently, Atherton has 20 homes for sale, 5 of which have been on the market for more than 5 months.

Menlo Park

In Menlo Park, the median sales price for a single-family home in the first 2 months of the year reached $2,887,500 – a 27% increase compared to 2017. Only 28 homes closed escrow in this time frame (compared to 35 in the same period last year) and prices ranged from $1,005,000 to $6,350,000. There were 18 sales in February, all of which sold for more than list price, except for the highest-priced sale.Currently, Menlo Park has 28 single-family homes for sale, 20 of which have been on the market for less than 2 weeks.

Palo Alto

In Palo Alto, the median sales price for a single-family home in the first 2 months of the year reached $3,200,000 – an 8% increase compared to 2017. Twenty-nine homes closed escrow in this time frame (compared to 21 in the same period last year) and prices ranged from $1,642,000 to$7,199,500. Of the 16 sales in February, only 1 sold for less than list price.  Currently, Palo Alto has 24 single-family homes for sale, 7 of which have been on the market for more than a month.

Los Altos & Los Altos Hills

In Los Altos, the median sales price for a single-family home in the first 2 months of the year reached $3,425,000 – a 13% increase compared to 2017. Twenty nine homes closed escrow in this time frame (compared to 31 in the same period last year) and prices ranged from $2,250,000 to$6,000,000. In Los Altos Hills, the median sales price for a single-family home in the first 2 months of the year reached $5,500,000 – a 42% increase compared to 2017. Just 9 homes closed escrow in this time frame (compared to 8 in the same period last year) and prices ranged from $2,700,000 to $9,000,000. There were 21 Los Altos sales in February (after just 8 in January), and only 2 sold for less than list price. In Los Altos Hills, there were 6 sales in February, 4 of which sold for more than list price.  Currently, Los Altos has 17 single-family homes for sale and Los Altos Hills has 14 homes for sale. I anticipate this inventory to increase as we move into spring, but not necessarily enough to meet demand. Now is the time to act and it would be my pleasure to represent you in buying or selling your Los Altos or Los Altos Hills home.


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