September 2016 Real Estate Update

 

September 14 2016
September 14 2016
09.16.Area Report

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 sale that has happened and there have been many off-market sales in Portola Valley. Because of my intimate knowledge, I pride myself on knowing much more than just the features of a home; I know the intricacies of each neighborhood and often times the history of a property, ie has there been a slide or flood there.

Let’s take a brief look at what happened this past month in our local areas (keep in mind that this data only includes publicly listed properties, but I can always tell you about any other sales that may have occurred).

Portola Valley

Sales were strong with 8 closed escrows, 3 of which were in the “lower end” of the market and sold for more than list price. Prices were down for the month, but are up 4.5% compared to last year. Currently, there are just 13 homes for sale in Portola Valley, ranging from $2.16 to $22.8 million. Half of the homes have been on the market for more than 3 months.

Woodside

There were just 5 closed escrows in August, compared to 12 in the same month last year. Prices were down for the month, but are up a significant 26% compared to last year. Currently, inventory is higher than it has been with 23 homes for sale in Woodside, three-quarters of which have been on the market for more than 3 months.

Atherton

Sales were strong in August with 3 homes selling for $13 million or more. The length of time to sell a home was significantly higher than August last year and overall, prices have declined almost 10% this year. Currently, inventory is higher than it has been with 37 homes for sale in Atherton, two-thirds of which have been on the market for more than 30 days.

Menlo Park

Sales were strong in August with 24 closed escrows, over half of which sold for more than list price. Prices were down for the month, but are up 6.1% compared to last year. Currently, inventory is higher than it has been with 42 single-family homes for sale in Menlo Park, half of which have been on the market for 20 days or more.

Palo Alto

Sales were strong in August with over half of the homes selling for more than list price. Prices were down slightly for the month and are down 4.3% compared to last year. Currently, inventory is higher than it has been with 38 single-family homes for sale in Palo Alto, half of which have been on the market for more than 30 days.

Los Altos and Los Altos Hills

Los Altos

Los Altos Hills

Sales declined slightly in both cities. Prices were mixed with a decline in Los Altos, but a strong increase in the Hills due to 3 sales in excess of $9.9 million. Overall, prices are down just slightly in both cities compared to all of last year. Currently, inventory is higher than it has been with 34 single-family homes for sale in Los Altos, half of which have been on the market for more than 30 days, and 29 homes for sale in Los Altos Hills, 15 of which have been on for more than 30 days.


Comments:

Leave a Comment

Name*
Email Help Tip
Website
Comment*
Characters Remaining: 5000