November 2016 Real Estate Update

 

November 10 2016
November 10 2016

The World Series is over, we’ve set the clocks back, and voted for a new president – it’s definitely a new season! At this time of year, that usually means the real estate market starts to slow down. However, we have seen some very encouraging buyer activity for this time of year, demand has not waned. Even still, I anticipate a holiday slowdown ahead. If you are serious about buying or selling in the area, I can advise you on how to get the best results for price and terms of sale. If yo uwould like more information, please call, text, or email me.

And here are the specifics on each of the micro-markets' activity.

Portola Valley

11.16.Portola Valley Market

Here in Portola Valley we’ve had an amazing real estate market all year with a record high median price in September. The latest data for October shows a pull-back in median price from $2.85 million to $2.375 million, however, there were just 4 homes that closed escrow. Year-to-date, the median price is up 2.8%. There are also 6 homes pending sale, including 3 that went into contract in the first 5 days of November.

 

Woodside

11.16.Woodside Market

The month of October was unusually busy with 11 Woodside sales recorded on the Multiple Listing Service, the highest number this year since June when there were also 11 sales. And, 3 sold for more than list price, a trend we are not seeing nearly as often as we did earlier this year. There are 7 homes currently under contract and pending sale and there are 20 homes for sale. In Woodside, we’ve had an amazing real estate market with he year-to-date median price up 13% from the same period last year.

 

Atherton

11.16.Atherton Market

In Atherton 6 homes closed escrow and there are 9 homes that are under contract and pending sale. Inventory of homes for sale is high with 31 homes ranging from $2.978 million to $34.9 million. The median price by month has varied greatly this year – from a low of $3.2 million in July to a high of $16.2 million in September. In comparison, the median price by month last year through October ranged from $4.7 million to $7.5 million. Year-to-date, through the end of October for homes listed on the Multiple Listing Service, the median price is down 18.7% compared to 2015.

 

Menlo Park

11.16.Menlo Park Market

The month of October was unusually busy with 30 Menlo Park sales recorded on the Multiple Listing Service, the second highest number this year since June when there were 39 sales. And, 12, or 40%, sold for more than list price, indicating strong buyer demand. There are also 25 single-family homes currently under contract and pending sale and 36 homes for sale. In Menlo Park, we’ve had a very strong real estate market with the year-to-date median price up 7.5% from the same period last year.

 

Palo Alto

11.16.Palo Alto Market

As with many of the other areas, the month of October was unusually busy with 45 Palo Alto sales recorded on the Multiple Listing Service, the highest number this year since May when there were also 45 sales. And, 24, or 53%, sold for more than list price, indicating strong buyer demand. There are also 33 single family homes currently under contract and pending sale and 36 homes for sale. In Palo Alto, we’ve had a very strong real estate market yet the year-to-date median price is down 5% from the same period last year.

 

Los Altos

11.16.Los Altos Market

 

Los Altos Hills

11.16.Los Altos Hills Market

21 homes closed escrow in Los Altos and just 4 in Los Altos Hills, each a lower number of sales than most other months this year. There are an additional 21 Los Altos homes and 8 Los Altos Hills homes that are under contract and pending sale. Inventory of homes for sale is higher than normal with 25 homes in Los Altos and 25 in Los Altos Hills. The median price year-to-date through October in Los Altosis down a slight 1.1% compared to all of last year. In Los Altos Hills, the median price is up 5.1%


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