May 2016 Real Estate Update

 

May 16 2016
May 16 2016
05.16.marketupdate

Buyer demand remains strong and inventory low, creating a competitive market. Whether you are on the buy side or the sell side, contact me anytime for a personal consultation or just to catch up on the market. Check out the specifics for the cities below.

Portola Valley

Portola Valley sales volume decreased 41% in the first 4 months compared to the same period last year, due largely in part to the limited inventory. April proved the strongest month this year for sales with a total of 5 homes closing escrow. The few homes that did come on the market however, sold very quickly with median days on market down to 9 from 12 last year. Nine of the 15 sales this year sold for more than list price, another clear indication of buyer demand. The average price for the first 4 months this year dipped down to $2,931,131, a 3% decline compared to last year. The median price increased 3% to $2,700,000. Year-to-date, the highest sale price peaked at $5.75 million. Of the 19 homes currently on the market in Portola Valley, 12 came on the market within the last month.

Woodside

April price data skewed significantly higher than previous months due to 2 sales in excess of $14 million. Prior to this, the highest price in 2016 was $7.4 million. We haven’t seen prices in this range since spring of last year.  These 2 high-end sales pushed the year-to-date median price up 68%! Despite healthy sale prices, the number of transactions have decreased in Woodside in the first 4 months compared to the same period last year. March proved the strongest month so far with 10 sales, followed by April with 5. Homes sold very quickly in April with a median of 45 days on market, compared to 211 and 345 days in Januaryand February. The average price for the first 4 months this year increased 35% compared to last year bringing it up to $5,048,706. The median price this year of $4,000,000 represents a 45% increase compared to all of 2015. Currently there are 19 homes for sale in Woodside, 10 of which have been on the market for less than 1 month.

Atherton

Ten homes sold in April, the highest level all year. As a comparison, last year there were only 3 months with 10 or more sales. The highest end of the market remains strong with 3 sales in excess of $10 million and no sales for less than $2 million. Half of the sales occurred in 3 weeks or less, and 3 homes sold for more than list price – all indications of buyer demand. Median price decreased this year following the record breaking prices of 2015, however it still exceeds $5 million. The average price peaks at $6.6 million. Homes this year are selling much faster than last year with 50% selling in 12 daysor less. Of the 31 homes currently for sale in Atherton, it isimportant to note that almost two-thirds of these have beenon the market for 2 months or longer.

Menlo Park

Prices continue to rise in Menlo Park. The median price in the first 4 months increased 19% compared to the same period last year and 11% compared to all of 2015. The vast majority of homes continue to sell for more than list price, even at the highest end of the market. In April, 66% of homes sold for more than list price, and on average, for 7% over asking .Menlo Park sale volume remains consistent with last year's numbers. There has been a shift in price ranges, particularly at the lowest end of the market. Year-to-date, the lowest price for a single-family home in Menlo Park is $802,000.The 40 single-family homes currenlty for sale in Menlo Park, represent more than we have seen for some time. Half of these homes came on the market in the past 2 weeks.

Palo Alto

April proved the first month so far in 2016 to show an increase in median price over last year. Buyer demand remained strong in Palo Alto with the majority of homes selling for more than list price, even at the highest end of the market. Fifty-eight percent of April sales went for more than list price and on average, homes sold for 5% above asking. Three sales exceeded $6 million and no homes sold for less than $1.5 million. Palo Alto sales volume decreased due to limited inventory earlier in the year. The fewer homes that did come on the market, however, sold very quickly with 50% of them selling in 10 days or less, same as last year. Palo Alto currently has 54 single-family homes for sale – half of these came on the market in the last 3 weeks.

Los Altos and Los Altos Hills

Prices continue to climb in Los Altos and Los Altos Hills. The median price in Los Altos in the first 4 months increased just slightly compared to the same period last year and is up 2% compared to all of 2015. The vast majority of homes continue to sell for more than list price, even at the highest end of the market. In April, homes in Los Altos sold for 109%of list price on average. In Los Altos Hills, prices followed the same pattern with just slight increases. The median price in the first 4 months increased less than 1% compared to the same period in 2015 and is up 1.3% compared to all of 2015. Five homes (31% of the market) sold for more than list price, and on average, homes sold for 102% of list price. Currently, there are 41 homes for sale in Los Altos and 30 in Los Altos Hills. The highest inventory we have seen in some time, particularly in Los Altos.


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