October 2017 Real Estate Update: 3rd Quarter Performance

 

October 13 2017
October 13 2017
09.16.Area Report

The end of the 3rd quarter is a good time to take a look at how the real estate market compares 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. Check out the market performance of the various cities and towns we live in. Whether you are buying or selling, please contact me any time for a personal consultation and to catch up on the market.

Portola Valley

In Portola Valley, the 3rd quarter median price was $2,812,500 compared to $3,555,000 in the 2nd quarter and $2,588,000 in the 1st quarter. While the quarterly numbers vary, the year-to-date median price increased 5% over last year to $2,900,000. In September, 5 homes closed escrow (2 for more than list price), and another 13 homes are pending sale. Currently, Portola Valley has 11 homes for sale.

Woodside

In Woodside, the 3rd quarter median price increased to $2,500,000 compared to $1,800,000 in the 2nd quarter and $2,212,000 in the 1st quarter. Year-to-date 46 homes have sold, 48% of which sold for less than $2 million, contributing to the 23% decline in the median price compared to 2016. Sales were strong in September with 10 closed escrows plus another 4 homes went into contract and are pending sale. Currently, Woodside has 39 homes for sale, 10 of which have been on the market for more than 6 months.

Atherton

In Atherton, the 3rd quarter median price increased to $5,138,250 compared to $4,675,000 in the 2nd quarter and $4,475,000 in the 1st quarter. The year-to-date median price through the 3rd quarter, at $4,800,000, is down 10% compared to 2016. In September, 4 homes closed escrow (2 for more than list price), and 1 additional home went into contract and is pending sale. Currently, Atherton has 31 homes for sale.

Menlo Park

In Menlo Park, the 3rd quarter median price reached a record high of $2,605,000 compared to $2,194,000 in the 2nd quarter and $2,000,000 in the 1st quarter. The median price through the 3rd quarter, at $2,275,000 is up 6% compared to 2016. Year-to-date, 225 homes have sold, 60% of which sold for more than list price. In September, 18 homes closed escrow (11 for more than list price), and another 17 homes went into contract and are pending sale. Currently, Menlo Park has 24 single-familyhomes for sale.

Palo Alto

In Palo Alto, the 3rd quarter median price reached a record high of $2,950,000 compared to $2,850,000 in the 2nd quarter and $2,748,000 in the 1st quarter. The median price through the 3rd quarter, at $2,855,500 is up 12% compared to 2016. Year-to-date, 270 homes have sold, 69% of which sold for more than list price. In September, 34 homes closed escrow (22 for more than list price), and another 20 homes went into contract and are pending sale. Currently, Palo Alto has 32 single-family homesfor sale.

Los Altos

In Los Altos, the 3rd quarter median price reached a record high of $3,005,000 compared to $2,979,000 in the 2nd quarter and $2,950,000 in the 1st quarter. The median price through the 3rd quarter, at $2,983,000, is up 9% compared to the same period last year. Year-to-date, 247 homes sold, 76% of which sold for more than list price. In September, 25 homes closed escrow (19 for more than list price), and another 18 homes went into contract and are pending sale. Currently, Los Altos has 20 single-family homes for sale.

Los Altos Hills

In Los Altos Hills, the 3rd quarter median price was $3,895,000 compared to $4,180,000 in the 2nd quarter and $4,015,000 in the 1st quarter. The median price through the 3rd quarter, at $4,015,000, is up 4% compared to 2016. Year-to-date, 71 homes sold, 46% of which sold for more than list price. In September, 8 homes closed escrow (2 for more than list price), and another 4 homes went into contract and are pending sale. Currently, Los Altos Hills has 26 homes for sale.


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