Market Update
It may just be the more typical slowdown in real estate in the summer months or we might be seeing a touch of air being let out of this hot real estate market, but it will take a while to determine. Why do I say this? The number of homes that went into contract in July were significantly fewer than the numbers in May and June for many Peninsula cities. These numbers are not to be confused with the number of homes that actually closed escrow in July (see charts shown below). Taking a look at when a home goes into contract can give us the most current indication of buyer demand. The bottom line – I caution sellers not to take this market for granted. While the local economy is still strong and we are still seeing over list price sales, now could be the best time to sell your home. Please contact me anytime to talk about your home or just to catch up on the market.
Portola Valley
In Portola Valley, there were just 4 homes that went into contract in July, compared to 8 in June and 12 in May. All but one of the 7 homes that closed escrow in July actually went into contract in May or June. Only one went into contract in July and closed escrow in July.
Woodside
The Woodside market was strong in July, unlike some Peninsula cities that saw a drop off in the number of homes that went into contract. In Woodside, 13 homes went into contract in July, the second strongest month all year.
Atherton
In Atherton, there were 8 homes that went into contract in July, the fewest number this year since February.
Menlo Park
In Menlo Park, there were 31 homes that went into contract in July, compared to 46 in June and 39 in May.
Palo Alto
In Palo Alto, there were 23 homes that went into contract in July, compared to 32 in June and 50 in May.
Los Altos and Los Altos Hills
In the combined market of Los Altos and Los Altos Hills, there were 30 homes that went into contract in July, the fewest number this year since February.