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May 2018 Real Estate Update

 

May 14 2018
May 14 2018

The spring market has a arrived, and the April numbers show continued strong buyer demand. Even with strong demand, whether you are buying or selling, it is still critical to have a well-informed and well-connected agent. I know exactly what it takes to get you the best results. Please contact me any time for a personal consultation or just to catch up on the market.

Portola Valley

Portola Valley real estate heated up in April with 4 homes closing escrow, an additional 2 homes going into contract, and 17 new listings. Prior to April there were only 3 to 7 new listings each month so this is a sharp increase but not unexpected for spring. All of the April sales came in above list price and by as much as 20%.The average price for the first 4 months of 2018 reached $3,467,583, a 24% increase compared to the same period last year, but a slight decline compared to all of 2017. The median price this year hit $3,377,500, representing a 25% increase over the same period last year and a 13% increase compared to all of 2017. Year-to-date, the highest sale price reached $6.45 million. Currently Portola Valley has 16 homes for sale, 9 of which have been on the market for more than 1 month. Pricesrange from $2,649,000 to $16,988,000.

Woodside

Woodside real estate activity in April had 6 homes closing escrow, an additional 2 homes going into contract, and 10 new listings. Prior to this, February had the most new listings with 15. In April, 4 of the 6 sales came in above list price and by as much as 11%. The average price for the first 4 months of 2018 reached $3,338,947, an 82% increase compared to the same period last year, and a 9% increase compared to all of 2017. The median price this year hit $2,800,000, representing a 56%increase compared to the same period last year, and 19% increase compared to all of 2017. Year-to-date, the highest sale price reached $6,055,000. Currently Woodside has 30 homes for sale, 20 of which have been on the market for more than 1 month. Prices range from $1,188,000 to $39,500,000.

Atherton

April activity in Atherton included 7 homes closing escrow, an additional 2 homes going into contract, and 14 new listings. Prior to April there were 8 to 13 new listings each month. In April, 2 of the 7 sales came in above list price and by as much as 22%. The average price for the first 4 months of 2018 reached $7,378,000, a 39% increase compared to the same period last year, and a 28% increase compared to all of 2017. The median price this year hit $7,840,000, representing a 70% increase over the same period last year, and 65% increase compared to all of 2017. Year-to-date, the highest sale price reached $11.5 million. Currently Atherton has 28 homes for sale, 19 of which have been on the market for more than 1 month. Prices range from $4,488,000 to $29,800,000.

Menlo Park

Menlo Park market activity really revved up in April with 35 homes closing escrow, an additional 20 homes going into contract, and 58 new listings. Prior to April there were 21 to 38 new listings each month so this is a sharp increase but not unexpected for spring. In April, 22 of the sales, or 67%, came in above list price and by as much as 63%. The average price for the first 4 months of 2018 reached $3,041,198, a 19% increase compared to the same period last year, and an 18% increase compared to all of 2017. The median price this year hit $3,020,000, representing a 37% increase over the same period last year, and 36% increase compared to all of 2017. Year-to-date, the highest sale price reached $6,788,000. Currently Menlo Park has 37 single-family homes for sale, only 8 of which have been on the market for more than 1 month. Prices range from $999,888 to $9,988,000.

Palo Alto

In Palo Alto 35 single-family homes closed escrow in April, an additional 22 homes went into contract, and 57 new listings came on the market. Prior to April there were 13 sales in January, 17 in February, and 41 in March so this is a slight decline in sales, which I attribute to the low inventory. In April, 25 of the sales, or 71%, came in above list price and by as much as 44%. The average price for the first 4 months of 2018 reached $4,100,832, a 22% increase compared to the same period last year, and a 16% increase compared to all of 2017. The median price this year hit $3,461,500, representing a 17% increase compared to all of 2017. Year-to-date, the highest sale price reached $18,000,000. Currently Palo Alto has 46 single-family homes for sale, only 12 of which have been on the market for more than 1 month. Prices range from $1,498,000 to $13,998,000.

Los Altos & Los Altos Hills

In April with 40 homes closed escrow, an additional 22 homes went into contract, and 52 new listings came on the market. Prior to April there were 32 to 51 new listings each month. In April, 23 of the sales in Los Altos, or 79%, and 7, or 64%, in Los Altos Hills came in above list price and by as much as 38%.The average price for the first 4 months of 2018 in Los Altos reached $3,658,286, a 12% increase compared to all of 2017. The median price this year hit $3,425,000, representing a 13% increase compared to all of 2017. Year-to-date, the highest sale price reached $7,088,000. In Los Altos Hills, the average price for the first 4 months of 2018 reached $4,815,500, a 2% increase compared to all of 2017. The median price this year hit $4,850,000, representing a 25% increase compared to all of 2017. Year-to-date, the highest sale price reached $10,075,000. Currently Los Altos has 24 single-family homes for sale, 8 of which have been on the market for more than 1 month. Prices range from $1,998,000 to $7,100,000. In Los Altos Hills, there are 19 homes for sale, 12 of which have been on the market for more than 1 month. Prices range from $3,695,000 to $30,000,000.


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