Real Estate Market Blog: January 2013 — December 2013

 

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.

December 2013 Real Estate Update

December 17, 2013
Ginny Kavanaugh
I hope this note finds you well and enjoying the holiday season with family and friends. We are so fortunate to live in this wonderful area (despite the frigid temperatures of late!) and I wish you all much happiness for the upcoming holidays. The season does not seemto be holding back home buyers. In Portola Valley since November 1, 7 homes have gone into contract ranging in price from $1.695 to $5.6 million. The lack of inventory (there are only 15 homes available for sale in all of Portola Valley) is certainly affecting the number of sales ...

November Real Estate Update

November 25, 2013
Ginny Kavanaugh
By most measures, 2013 has been a banner year for the Bay Area housing market. Sales continue to rebound at all price levels. The median sale price overall climbed 15–25% from a year ago, depending on the city. In many communities, there aren’t nearly enough good listings to go around, often resulting in multiple offers and sales over the asking price. So what do we do for an encore? According to the California Association of Realtors, we’re likely to see continued improvement in 2014 – albeit not at the elevated levels we’ve seen in 2013....

October Real Estate Trends

October 23, 2013
Ginny Kavanaugh
National Real Estate News Attention right now in Congress is on the government shutdown and Obamacare. But potentially major changes affecting real estate are also taking shape on Capitol Hill. A tax reform outline being put together by the Republicans includes serious talk of excluding mortgage interest and property tax deductions as well as changes to capital gains for real estate investments. Please refer to the attached article click here by Ken Harney, Inman News for details of what “could bring more far-reaching changes than most ...

Real Estate Update: September '13

September 24, 2013
Ginny Kavanaugh
It has been a very busy time for real estate sales in Portola Valley. Since August 1, 14 homes have closed escrow and another 7 have gone into contract and are pending sale. Of these 21 sales, 10 sold in less than 2 weeks. While the majority of the sales were for less than $2 million, there were 5 sales in excess of $3 million, including one that closed for over $6.2 million. Another clear indication of the rising demand for homes in Portola Valley is the fact that 9 of the 14 homes (64%) that closed escrow since August 1 sold for more than ...