Happy Holidays!

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 though. Already this year, 76 homes have closed escrow compared to 61 homes in the same period last year. To-date, the average price is $2,776,211 compared to $2,418,532 last year – a 15% increase. Clearly, it’s an excellent opportunity for sellers in this market. Please let me know if I can help you in any way or answer any questions you may have. Now is definitely the time to start planning andgetting your home ready to sell in the new year – and the earlier your home comes on the market the better, to beat the typical spring competition.

HOUSING OUTLOOK

As we approach the end of 2013, it’s a good time to look back at the housing market and take a peek at what might be in store forthe coming year. In comparison with recent years, 2013 was a strong year for thereal estate market, both here at home and across the country. Sales posted solid gains in most areas, foreclosures and distressed sales declined, and the median sale price continued to rebound sharply from their recessionary lows. For more specifics, see our Housing Outlook for 2014.

HOME LENDING RESOURCES

If you are interested in the home lending market, take a look at Princeton Capital Loan Consultant Chad Mahoney’s daily Market Commentary. I also find their Interest Rate calculator useful.

ALL THE FACTS

For those of you that like charts and statistics, click here for current market profile and trends for Portola Valley, Woodside, Menlo Park, Palo Alto, Los Altos and Los Altos Hills.

AROUND THE TOWN

Master Sinfonia Chamber Orchestra was established in 1965 toprovide classical music of a high caliber to the communities of theSan Francisco Peninsula. We are fortunate to have this coming toValley Presbyterian Church right here in Portola Valley on January25. Because of my continued support of Master Sinfonia, if youmention my name at the door you will be admitted for free. Hope tosee you there! Go to www.mastersinfonia.org for more information.