November 2017 Real Estate Update

 

November 15 2017
November 15 2017
09.16.Area Report

The World Series is over (what a great win for a well-deserving city this year!) and the clocks have been turned back – the end of the year will be here before we know it. Typically, the real estate market slows down at this time of year. However, we are not seeing that trend yet in our local markets. Demand remains high, particularly those priced under $3 million. See a recap below for each of the individual cities and towns.

Market knowledge, competitive pricing/ bidding, and wide-reaching networks are essential for buying and selling homes. And excellent negotiating skills are key for successful results, particularly when multiple offers are involved. These are all things I excel at and just a few of the reasons I continue to represent so many buyers and sellers. Even though the holidays are fast approaching, there is no reason to delay either your home search or putting your home on the market. Whether you are buying or selling, in this tight market, it’s never too early to start preparing for next year and get a jump on the competition. I can advise you on all of this – just call, text, or email me anytime. Or, if you would just like to catch up on the market in general or discuss how the proposed new tax law changes will impact our markets, please get in touch with me.

Portola Valley

11.17.Market Performans Portola Valley

In October, 8 sales closed escrow, twice as many as in October last year. And, 5 of those sales were for more than list price – by as much as 67% more. The median sale price in October of $2,935,000 did not reach the record high of $4,300,000 set in September, but the median year-to-date price rose 7% since last year.

Woodside

11.17.Market performance Woodside

Unlike the other markets in the area, in Woodside, the number of sales year-to-date is down significantly from last year. In October, 6 sales closed escrow, compared with 11 in October 2016. The median price dropped sharply because 4 of these sales were under $2 million. Overall, the median price is down 18% compared to last year due to the fewer number of high-end sales and a larger number of sales under $2 million. Inventory is fairly high with 35 homes for sale, 17 of which have been on the market for more than 3 months.

Atherton

11.17.Market performance Atherton

In Atherton, the number of sales year-to-date is already more than all of last year. There were 7 sales in October, 5 of which sold for more than list price – a much higher percentage than we have seen in many months this year. Overall, the median price is down 10% compared to last year due to the fewer number of high-end sales and a larger number of sales under $4 million. There are currently 25 homes for sale, 15 of which have been on the market for more than 3 months.

Menlo Park

11.17.Market performance Menlo Park

There were 28 sales that closed escrow in October, almost the same as October 2016. And, 21 of those sales were for more than list price – by as much as 30% more. While the median sale price in October of $2,710,000 was not close to the record high in September when it reached $2,980,000, the median price year-to-date is up 7% since last year.

Palo Alto

11.17.Market performance Palo Alto

In Palo Alto, there was a 35% drop in sales in October compared to the same period last year; however, this was due to the few number of homes for sale. There were 30 sales that closed escrow in October and 22 of those sales were for more than list price – by as much as 42% more. While the median sale price in October of $3,083,000 was not close to the record high in January when it reached $3,225,000, the median price year-to-date is up 13% since last year.

Los Altos & Los Altos Hills

Los Altos and Los Altos Hills where sales were very strong in October and, in fact, all but 3 of the 38 sales were for more than list price. In Los Altos, the year-to-date median price, while not the highest this year, still came in at $3 million and is up 10% from last year. In Los Altos Hills, the median price year-to-date is $3,982,500, up 5% since last year.

Los Altos

11.17.Market performance Los Altos

 

Los Altos Hills

11.17.Market performance Los Altos Hills


Comments:

Leave a Comment

Name*
Email Help Tip
Website
Comment*
Characters Remaining: 5000