October 2016 Real Estate Update

 

October 14 2016
October 14 2016

The end of the 3rd quarter has come and gone, which always presents a good time to take a look at the real estate market and compare it to previous quarters. In terms of gauging market performance, I like to look at the median sales price as it tends to be a more accurate price indicator than the average, which can be inflated or deflated based on the sale of just one or two really high or low-end properties. Let's check out how each of our micro city and town markets performed.

And as always, whether you are buying or selling, please contact me any time for a personal consultation and to catch up on the market.

Portola Valley

10.16.PortolaValleySalesChart

In Portola Valley, the 3rd quarter median price reached a record high so far this year at $2,850,000, compared to $2,800,000 in the 2nd quarter and $2,525,000 in the 1st quarter. In comparison to last year, the 2016 3rd quarter median price increased 5.5% from $2,700,000 in 2015.

In September, only 2 homes closed escrow, but 6 additional homes (priced between $1.795 and $13.85 million) went into contract and are pending sale. Currently, Portola Valley has 13 homes for sale.

Woodside

10.16.WoodsideSalesChart

In Woodside, the 3rd quarter median price was the lowest quarter this year at $2,195,844, compared to $3,500,000 in the 2nd quarter and $4,000,000 in the 1st quarter. In comparison to last year, the 2016 3rd quarter median price showed a 20% decline from $2,755,000 in 2015.

There were 19 Woodside homes sold in the 3rd quarter, with a particularly low number of sales for less than $1.65 million, thus the lower median price. In September, 7 homes closed escrow, but 7 additional homes (priced between $1.395 and $4.298 million) went into contract and are pending sale. Currently, Woodside has 21 homes for sale, 13 of which have been on the market for more than 30 days.

Atherton

10.16.AthertonSalesChart

In Atherton, the 3rd quarter median price was the lowest this year at $4,069,375, compared to $6,712,500 in the 2nd quarter and $4,600,000 in the 1st quarter. In comparison to last year, the 2016 3rd quarter median price showed a 32% decline from $5,950,000 in 2015.

There were just 14 Atherton homes sold in the 3rd quarter, and half of those sales were for $3.3 million or less, thus the lower median price. In September, only 2 homes closed escrow, and 1 additional home (priced at $16.2 million) went into contract and is pending sale. Currently, Atherton has 38 homes for sale, 30 of which have been on the market for more than 30 days.

Menlo Park

10.16.MneloParkSalesChart

In Menlo Park, the 3rd quarter median price was the lowest this year at $1,899,000, compared to $2,150,000 in the 2nd quarter and $2,297,000 in the 1st quarter. In comparison to last year, the 2016 3rd quarter median price showed a 6% decline from $2,025,000 in 2015.

There were 71 Menlo Park homes sold in the 3rd quarter, and 20 of those sales were for $1.5 million or less, thus the lower median price. In September, 22 homes closed escrow, and 16 additional homes (priced between $719,000 and $4.15 million) went into contract and are pending sale. Currently, Menlo Park has 46 single-family homes for sale, more than half of which have been on the market for over 30 days.

Palo Alto

10.16.PaloAltoSalesChart

In Palo Alto, the 3rd quarter median price was lower at $2,587,500 compared to $2,637,500 in the 2nd quarter but higher than the 1st quarter when it was $2,500,000. In comparison to last year, the 2016 3rd quarter median price showed a 3% decline from $2,668,500 in 2015.

There were 102 Palo Alto homes sold in the 3rd quarter, and 66% of those sales were for less than $3 million. In September, 38 homes closed escrow, the majority of which sold for more than list price, and 26 additional homes (priced from $1.05 million to $4.698 million) went into contract and are pending sale. Currently, Palo Alto has 40 single-family homes for sale, 12 of which have been on the market for more than 30 days.

Los Altos

10.16.LosAltosSalesChart

In Los Altos, the 3rd quarter median price was the lowest this year at $2,544,750, compared to $2,871,500 in the 2nd quarter and $2,725,000 in the 1st quarter. In comparison to last year, the 2016 3rd quarter median price showed a 7% decline from $2,745,500 in 2015. In September, 25 homes closed escrow, the majority of which sold for more than list price, and 17 additional homes (priced from $1.998 million to $4.698 million) went into contract and are pending sale. Currently, Los Altos has 26 homes for sale, 12 of which have been on the market for more than 30 days.

Los Altos Hills

10.16.LosAltosHillSalesChart

In Los Altos Hills, the 3rd quarter median price reached a record high so far this year at $4,250,000, compared to $3,462,500 in the 2nd quarter and $3,660,000 in the 1st quarter. In comparison to last year, the 2016 3rd quarter median price increased 18% from $3,612,500 in 2015. In September, 14 homes closed escrow, 4 of which sold for more than list price, and 2 additional homes (priced from $2.995 million to $2.999 million) went into contract and are pending sale. Currently, Los Altos Hills has 28 homes for sale, 21 of which have been on the market for more than 30 days.


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