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.

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 ...

Bay Area Housing Market Turns in Strong Performance in 2016

December 27, 2016
Ginny Kavanaugh
The Bay Area housing market had its challenges in 2016, including low inventory of homes for sale, rising prices that challenged would-be buyers, and political uncertainty with the presidential election. But despite the headwinds, this turned out to be a fairly good year overall for our local housing market.  Many home sellers once again enjoyed strong gains in sale prices - albeit not quite as strong as 2015, but good nonetheless. The median sale price for single-family homes, condos and townhouses in the Bay Area through October (the ...

December 2016 Real Estate Update

December 13, 2016
Ginny Kavanaugh
As we approach the end of the year and look back at 2016, we see that it turned out to be another strong year for our local real estate markets. Mortgage rates continued to decline despite predicted increases. The near record low mortgages converted many renters into buyers as homeownership could bring a lower monthly payment in some cases. 2016 also featured more eco-friendly additions to the home, including electric car charger stations in most newly constructed homes, solar panels for electricity, and synthetic lawns due to the ongoing ...

November 2016 Real Estate Update

November 10, 2016
Ginny Kavanaugh
The World Series is over, we’ve set the clocks back, and voted for a new president – it’s definitely a new season! At this time of year, that usually means the real estate market starts to slow down. However, we have seen some very encouraging buyer activity for this time of year, demand has not waned. Even still, I anticipate a holiday slowdown ahead. If you are serious about buying or selling in the area, I can advise you on how to get the best results for price and terms of sale. If yo uwould like more information, please call, text, or ...

October 2016 Real Estate Update

October 14, 2016
Ginny Kavanaugh
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 ...

September 2016 Real Estate Update

September 14, 2016
Ginny Kavanaugh
A caller recently asked why they should hire me. So, this got me thinking that rather than just providing you with my standard report on the market, I should let all of you know my answer as well. One of the main reasons that sellers and buyers hire me to be their professional real estate agent is because of my expertise in the marketplace. Information is easy to find in today’s world, but my value to you is my ability to disseminate all of this information and more importantly, to include data that is not publicly available. I know every ...

August 2016 Real Estate Update

August 24, 2016
Ginny Kavanaugh
Contrary to the popular belief that sales lag in the summer, the real estate market in quite a few of the local cities and towns performed quite well this year. I anticipate the inventory to increase after Labor Day with sellers wanting to get their home sold before the holidays. Since July 1, 6 homes closed escrow and another 7 homes went into contract and are now pending sale. While sales remain strong, the days on market increased to an average of 46 days for the 13 homes that sold. Despite the fact that only 1 of the July homes sold ...

2016 Half Year Report: Woodside, Atherton, Menlo Park, Palo Alto, Los Altos and Los Altos Hills

July 15, 2016
Ginny Kavanaugh
Only 33 homes sold in the first half of 2016 compared to 46 in the same period last year. However, prices reached record highs. The average sales price rose 31% and the median price increased 45%. Despite the fact that days on market increased to the highest level since 2012, more than half of the homes sold in 30 days or less. The majority of homes in the first half of the year, 67%, sold for less than list price, although 7 sold for more than asking. The highest end of the market performed well in the first half with 4 sales in excess of ...

2016 Half-Year Report: Portola Valley

July 11, 2016
Ginny Kavanaugh
The Portola Valley real estate market remained strong in the first half of 2016 with 34 sales, just one more than the same period last year. Sales prices continue to rise with the average up 1% and the median up 4.7% over last year. Homes sold very quickly with 62% selling in 2 weeks or less – a marked improvement over previous years. Half of the homes sold between $2 million and $3 million, and 5 sales exceeded $5 million, 4 of which sold in 2 weeks or less. Currently, there are just 11 homes on the market, ranging between $965,000 and $15 ...

June 2016 Real Estate Update

June 14, 2016
Ginny Kavanaugh
Overall the real estate market performed well in May, some towns and cities faring better than others. Inventory remains one of the bigger challenges in most areas, but has also resulted in some significantly higher prices. 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. I know exactly what it takes to get theseresults for you. Please ...

Wire Fraud: A Real Threat

June 01, 2016
Ginny Kavanaugh
I want to highlight an area, which is becoming of great concern in the real estate industry. Wire fraud scams continue to affect the real estate industry. Given the ongoing risks of wire fraud, it is imperative to maintain a heighten awareness throughout the transaction process of the real threat of wire fraud. I urge you to insist that all persons involved in your real estate transaction (lawyers, title agent, etc.) use the precautions listed below. ALWAYS PERSONALLY VERIFY wire instructions. DO NOT AGREE to requests to forward ...

May 2016 Real Estate Update

May 16, 2016
Ginny Kavanaugh
Buyer demand remains strong and inventory low, creating a competitive market. Whether you are on the buy side or the sell side, contact me anytime for a personal consultation or just to catch up on the market. Check out the specifics for the cities below. Portola Valley sales volume decreased 41% in the first 4 months compared to the same period last year, due largely in part to the limited inventory. April proved the strongest month this year for sales with a total of 5 homes closing escrow. The few homes that did come on the market ...

April 2016 Real Estate Update

April 20, 2016
Ginny Kavanaugh
The numbers are in for Q1 of 2016. Some areas fared better than others, the main challenge across the board is low inventory. However, spring seems to be arriving late this year as I am seeing the market heat-up, I anticipate inventory to steadily increase. Check out the specifics below for each of the cities/towns. The low inventory of homes for sale, with just 14 new listings, resulted in only 8 homes closing escrow in the first quarter. An additional 4 homes went into contract, but have not closed escrow. Due in part to the few number ...

National Home Prices Edge Higher in Janaury

March 29, 2016
Wells Fargo Economics Group
I received the following report from the Wells Fargo Economics Group, and found it quite interesting. Hope you enjoy, you can also download it here. "U.S. home prices rose in line with expectation in January, with all three S&P/Case-Shiller Home Price Indices (HPI) rising modestly during the month. Nationally, home prices are up 5.4 percent from their year-ago level."

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