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November 2018 Real Estate Update

 

November 26 2018
November 26 2018
By

The clocks have been turned back and the end of another year is almost here. At this time, our thoughts are with so many fire victims both north and south of us. A look at our skies reminds us every day of the effects of these devastating fires and we should all be certain that we have a plan in place should anything like this happen in our area.

Shifting to the real estate market, this is the time of the year that the market often starts to slow down. But that's not the case for many of local cities and towns. Check out the details for the individual surrounding areas below.

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 we excel at and just a few of the reasons we continue to represent many sellers and buyers in the area. 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, it's never too early to start preparing for next year and get a jump on the competition.

Portola Valley

There were 14 sales that closed escrow in October, almost twice as many as October 2017. And, 8 of those sales were for more than list price. There are also another 4 homes that went into contract since October 1 and are pending sale. Prices are up significantly from last year with a 30% increase in median price compared to last October and a 14% increase year-to-date. Homes priced under $3 million are in high demand here and in neighboring cities.

Woodside

Six homes closed escrow in October on the Multiple Listing Service and another 6 homes went into contract since October 1, including one listed at $21.8 million. Prices are up significantly from last year with a 31% increase in median price compared to last October and a 50% increase comparing year-to-date prices.

Atherton

While there were only 4 homes that closed escrow in October on the Multiple Listing Service, another 9 homes went into contract since October 1 and are pending sale or already closed in November. This includes 3 homes between $12 million and $18 million. Prices are up significantly from last year with a 70% increase in median price compared to last October and a 33% increase comparing year-to-date prices.

Menlo Park

Thirty homes closed escrow in October, 19 of which sold for more than list price. Another 23 homes went into contract since October 1 and are either pending sale or have already closed escrow in November. Prices are up from last year with a 10% increase in median price compared to last October and a 13% increase comparing year-to-date prices.

Palo Alto

Thirty-eight homes closed escrow in October, 21 of which sold for more than list price. Another 31 homes went into contract since October 1 and are either pending sale or have already closed escrow in November. Prices are down slightly from last year with a 2% decrease in median price compared to last October but up by 11% comparing year-to-date prices.

Los Altos and Los Altos Hills

Twenty-seven homes closed escrow in October, 19 of which sold for more than list price. Plus, there are 19 homes that are pending sale. In Los Altos Hills, sales did slow down with just 3 homes closing escrow in October (2 were for more than list price) and 1 additional sale that is currently pending. Prices are up significantly in Los Altos Hills with a 51% increase in median price compared to last October and a 25% increase comparing year-to-date prices. In Los Altos, the median price is up 13% compared to last October and comparing year-to-date.


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