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October 2018 Real Estate Update

 

October 11 2018
October 11 2018
By

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, we 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 very high or low-end properties.

Whether you are buying or selling, please contact us any time for a personal consultation and to catch up on the market.

Portola Valley

In Portola Valley, the 3rd quarter median price was $2,750,000 compared to $3,062,758 in the 2nd quarter and $3,625,000 in the 1st quarter. While the quarterly numbers have varied greatly, the median price year-to-date through the 3rd quarter, at $3,125,515, is up 8% compared to the same period last year.

In September, 4 homes closed escrow (2 for more than list price), and another 9 homes are pending sale. Currently, Portola Valley has 15 homes for sale.

Woodside

In Woodside, the 3rd quarter median price was $3,650,000 compared to $2,750,000 in the 2nd quarter and $2,910,000 in the 1st quarter. While the quarterly numbers have varied greatly, the median price year-to-date through the 3rd quarter, at $3,262,500, is up 33% compared to the same period last year.

In September, 6 homes closed escrow (2 for more than list price) plus another 4 homes are pending sale. Currently, Woodside has 31 homes for sale, 23 of which have been on the market for more than 30 days.

Atherton

In Atherton, the 3rd quarter median price was $6,400,000 compared to $6,650,000 in the 2nd quarter and $8,500,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $6,650,000, is up 39% compared to the same period last year.

In September, 6 homes closed escrow, all for list price or less, and 5 additional homes are pending sale. Currently, Atherton has just 15 homes for sale with an average days on market of 114 and a median days on market of 104.

Menlo Park

In Menlo Park, the 3rd quarter median price was $2,210,000 compared to $2,775,000 in the 2nd quarter and $3,000,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $2,600,000, is up 14% compared to the same period last year. There were 222 single-family homes sold in the first three quarters, 69% of which sold for more than list price. Four homes sold for more than $7 million.

In September, 18 homes closed escrow (10 for more than list price), and another 26 homes are pending sale. Currently, Menlo Park has 41 single-family homes for sale.

Palo Alto

.In Palo Alto, the 3rd quarter median price was $3,627,407 compared to $3,964,316 in the 2nd quarter and $3,732,075 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $3,231,360, is up 13% compared to the same period last year. There were 263 single-family homes sold in the first three quarters, 73% of which sold for more than list price.

In September, only 10 homes closed escrow (6 for more than list price), and another 29 homes are pending sale. Currently, Palo Alto has 48 single-family homes for sale.

 

Los Altos

In Los Altos, the 3rd quarter median price was $3,400,000 compared to $4,772,500 in the 2nd quarter and $5,500,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $4,850,000, is up 21% compared to the same period last year. There were 212 single-family homes sold in the first three quarters, 77% of which sold for more than list price. In September, only 16 homes closed escrow (11 for more than list price), and another 24 homes are pending sale. Currently, Los Altos has 28 single-family homes for sale.

 

Los Altos Hills

In Los Altos Hills, the 3rd quarter median price was $4,700,000 compared to $4,180,000 in the 2nd quarter and $4,015,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $4,850,000, is up 21% compared to the same period last year. There were 59 homes sold in the first three quarters, 46% of which sold for more than list price. In September, only 4 homes closed escrow (none sold for more than list price), and another 5 homes are pending sale. Currently, Los Altos Hills has 24 homes for sale.


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