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Real Estate Market Blog

 

Insights on the real estate market trends on the Mid-Peninsula: Portola Valley, Woodside, Atherton, Menlo Park, Palo Alto, Los Altos and Los Altos Hills.

June 2018 Real Estate Update

June 15, 2018
Ginny Kavanaugh
The local real estate market really picked up in May. Buyer demand remains strong, making it a seller’s market. But even with strong demand, whether you are buying or selling, it is critical that homes are inspected properly and negotiated aggressively to ensure the best results for price and terms of sale. Having been in the business since 1985, I know exactly what it takes to get these results for you. Please contact me any time for a personal consultation or just to catch up on the market. In the meantime, check out the specifics on the ...

Kavanaugh Group: Meet the Team

June 01, 2018
Ginny Kavanaugh
It occurred to me that many of you have likely not met my all-star cast of support. I couldn't do the all the things I do and be the agent that I am to my clients without their contributions. It's my pleasure to introduce them to you. Our newest addition to the team is my son John Kavanaugh. A Portola Valley native and longtime Menlo Park resident, John's proven track record of success in financial services over 20+ years adds a fresh and distinct perspective to our team. Learn more.   Also a Portola Valley native and Palo ...

May 2018 Real Estate Update

May 14, 2018
Ginny Kavanaugh
The spring market has a arrived, and the April numbers show continued strong buyer demand. Even with strong demand, whether you are buying or selling, it is still critical to have a well-informed and well-connected agent. I know exactly what it takes to get you the best results. Please contact me any time for a personal consultation or just to catch up on the market. Portola Valley real estate heated up in April with 4 homes closing escrow, an additional 2 homes going into contract, and 17 new listings. Prior to April there were only 3 to ...

April 2018 Real Estate Update

April 10, 2018
Ginny Kavanaugh
The real estate market is experiencing historic low interest rates and rising rents, driving buyers who want to realize the dream of homeownership. With limited housing inventory, buyers are competing against one another for those properties that are priced well and in good condition. The competition is resulting in fierce bidding wars, which candrive-up housing prices. With short supply and high demand, it remains a seller’s market in the Silicon Valley. However, I anticipate inventory to increase steadily as we move further into the spring ...

March 2018 Real Estate Update

March 16, 2018
Ginny Kavanaugh
As we approach the end of the first quarter (where has the time gone!), the real estate market indicators remain constant throughout the cities on the Peninsula: limited supply and high demand. The inventory shortage is fueling increased prices, and more specifically the median price, as we continue to see a strong seller’s market across the board. It may be a seller’s market, but Silicon Valley buyers are business savvy, and while some cities continue to experience the multiple offer frenzy we have witnessed over the last couple of years, ...

February 2018 Real Estate Update

February 15, 2018
Ginny Kavanaugh
If you are considering buying or selling, let’s talk about next steps now. Whether you are preparing to come on the market or searching for the perfect place to call home, the earlier you start the better in order to get a jump on the spring competition. Eight weeks into the New Year, and here is what's happening in real estate in our cities and towns.   A home that I had listed for sale went into contract at the end of January and closed escrow 7 days later for $4,461,000. A home sold off market at the end of January for ...

Portola Valley 2017 Annual Report

February 02, 2018
Ginny Kavanaugh
In Portola Valley, the 2017 real estate market was particularly strong. Record-high prices were set, inventory of homes for sale increased (unlike neighboring cities), and the number of homes sold escalated sharply compared to the past two years. The Multiple Listing Service reported 76 sales, a 19% gain from 2016. Additionally, several homes sold off market. The graphs in this report do not include off-market sales; if you would like information on these, just contact me. The average price in Portola Valley increased 14% to a ...

2018 Winter Games Schedule

January 24, 2018
Ginny Kavanaugh
The 2018 Winter Olympics will take place in PyeongChang, South Korea, kicking off with the opening ceremony on February 9th and running through February 25th. More than 2,800 athletes from more than 85nations are expected to participate in 102 events across 15 sport disciplines. The Games will be the first ever Olympic Winter Games with over 100gold medals. The 2018 U.S. Olympic Team is expected to reach approximately 240athletes. Stars to watch include veteran skier and medal winner Lindsey Vonn along with 18-year-old figure skater Nathan ...

December 2017 Real Estate Update

December 08, 2017
Ginny Kavanaugh
Looking back on 2017, it has been another record-breaking year for home prices in our area. Check out the market performance for specifics on each of the cities and towns. It is too early to tell how the proposed tax law changes may impact our local real estate market, but we could see some changes in the new year. If you are considering buying or selling in 2018, let’s talk about next steps now. Whether you are preparing to come on the market or searching for the perfect place to call home, the earlier you start the better in order to get ...

November 2017 Real Estate Update

November 15, 2017
Ginny Kavanaugh
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 ...

October 2017 Real Estate Update: 3rd Quarter Performance

October 13, 2017
Ginny Kavanaugh
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 ...

Where to watch the solar eclipse in the Bay Area

August 18, 2017
Ginny Kavanaugh
It's been almost 40 years since the last total solar eclipse was visible in the US. While California will see only about 60-80% of the eclipse, it's still an event worthy of attention. Witness history by joining a viewing party in your area or watch the live streaming video on the NASA website: https://www.nasa.gov/eclipselive Bernal Heights Park Coit Tower Corona Heights Park Crissy Field Grandview Park Hamon Observation Tower Mission Dolores Park Mount Davidson Treasure Island Twin Peaks Burlingame Main Library Menlo Park ...

August 2017 Real Estate Update

August 07, 2017
Ginny Kavanaugh
Contrary to the popular belief that sales lag in summer, the real estate market performed quite well in July along the Peninsula. Even with this activity, I anticipate this to increase after Labor Day with sellers wanting to sell their home before the holidays. Portola Valley performed well in July with 4 homes going into contract (one of which I represented) and 5 homes closing escrow (2 of which I represented). Only one home sold in July for more than $2.775 million, resulting in a lower median price than we saw in the previous 3 months ...

2017 Half Year Report

July 25, 2017
Ginny Kavanaugh
The Portola Valley real estate market reached record highs in the first half of 2017. The average price increased 4% to more than $3.1 million and the median price increased 11% reaching $3 million for the first time. Of the 35 sales, 22, or 63%, sold for more than list price. The vast majority of homes, 77%, sold in the first half were between $2 million and $4 million. The highest sale recorded in the Multiple Listing Service was $7 million. Homes also sold very quickly with 69% selling in 2 weeks or less. On average, the length of time to ...

The Strongest Selling Season in a Decade

June 30, 2017
Ginny Kavanaugh
Real estate is currently booming and experts attest that this is the strongest market since the 2006 price peak, but with the added benefit of market stability. The latest National Association of REALTORS® Confidence Index concluded that much of the country has experienced very strong, or strong buyer traffic. This is an indicator of demand, but not necessarily supply, which has been short in many states across the county. The latest highlights according to NAR indicate: First-time homebuyers accounted for 34 percent of sales. With fewer ...

June 2017 Real Estate Update

June 15, 2017
Ginny Kavanaugh
The real estate market in Northern California is seeing varying activity depending on the counties, cities, neighborhoods and homes - a strong indicator of a shifting dynamic. Competitively-priced homes in any range are expected to sell steadily and swiftly, and properties under $750K are not sitting on the market for long. The sub-$750K homes are also seeing tighter inventories than higher-priced homes. With additional inventory expected to appear over the coming days and weeks of summer, buyers who have been waiting for new listings will ...

May 2017 Real Estate Update

May 24, 2017
Ginny Kavanaugh
Northern California continues to experience a healthy sellers’ market with median and low priced properties and, in some areas, with reasonably priced luxury properties. Due to the limited inventory and high demand for median priced properties, most reasonably priced listings receive multiple offers above asking price. According to the National Association of Realtors® (NAR), in March there was a 0.8 percent decline in the Pending Home Sales Index based on contract signings from February to March, but there was a 0.8 increase in the Pending ...

April 2017 Real Estate Update

April 11, 2017
Ginny Kavanaugh
The first quarter results are in for the local real estate markets. While some cities and towns show a decrease in average sales price, it's too early in the year to be concerned about any downward trend in prices. I anticipate inventory to increase steadily as we move more into the spring selling months. Because buyers are always searching for new listings and inventory remains low, it’s a strong market for sellers. Now is the time to act and t would be my pleasure to represent you in buying or selling your Menlo Park home. If you would like ...

March 2017 Real Estate Update

March 08, 2017
Ginny Kavanaugh
As the housing market approaches the end of the first quarter, there have been some encouraging signs for homeowners who may be weighing whether to sell. The year kicked off on a fairly strong note for the housing market on a national, statewide and local level. The overall real estate theme in the region continues to be a shortage of supply met with strong buyer demand. Open houses are attracting large turnouts and we continue to see multiple offers for properties across most price ranges. However it’s the “lower-priced” homes driving the ...

Outlook for 2017: Will The Seller’s Housing Market Continue?

January 26, 2017
Ginny Kavanaugh
Over the past year, California has seen a strong seller’s market for housing – thanks in large part to a shortage of homes on the market, strong demand by buyers and mortgage interest rates that hovered near historic lows. But as 2017 gets underway, the question is whether that seller’s market will continue, especially given a recent uptick in interest rates. According to Freddie Mac, the average 30-year fixed-rate mortgage nationwide climbed to 4.16 percent in mid-December (the latest figures available), up more than a half a percentage ...

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