Real Estate Market Updates

The holidays certainly don’t seem to be slowing the buyers down. The only thing holding the market back is the few number of homes for sale, which is expected at this time of year. Here are the specific market updates broken down by town.

If you want to sell your home, the wise move is to start preparing for sale right now and get your home on the market as early as possible next year before the competition heats up. It would be my pleasure to meet with you toreview what, if any, preparation needs to be done at your home to get it ready for sale.

In the meantime, I wish you and your family a very Happy Holiday season and a wonderful New Year!

Portola Valley Market Update

As of today, there are just 9 homes for sale in Portola Valley, only 2 of which came on the market in the last 30 days. Prices range from $2.198 to $7.795 million. Additionally, there are 4 parcels of vacant land for sale ranging from 1.1 acres to 14 acres. There are also 3 homes that are currently pending sale.

In November there were 6 homes that closed escrow, as own below. Two of these sales were higher priced homes (above $3 million) that were on the market for over 3 months. It is also interesting to note that only 1 home sold for more than list price and it was the lowest priced home for sale. While this certainly is unusual given the number of over list price sales this year, it is far too early to make any assumptions from this data.

Woodside Market Update

There are 25 homes for sale in Woodside, only 3 of which came on the market in the last 30 days. Prices range from $1.5 to $69.8 million. Also 9 homes are currently pending sale, including 1 that was listed for $16.95 million.

In November there were 6 homes that closed escrow. Only 2 of the homes sold for more than list price including one that sold for $7 million. As is the case with Portola Valley, although it is unusual to only have 2 sales over list price, given the trends this year, it is far too early to determine if this is the holiday slowdown or a general market trend.

Atherton Market Update

Atherton has just 14 homes for sale, only 2 of which came on the market in the last 30 days. Prices range from $4.695 to $18.8 million. There are also 8 homes that are currently pending sale, including 2 that were listed in excess of $13 million.

November had 9 homes that closed escrow, as shown below. Four of the homes sold for more than list price and 2 of those were listed in the lower price range for Atherton, and all sold very quickly.

Menlo Park Market Update

It continues to be a seller’s market in Menlo Park. In November there were 29 homes that closed escrow, shown below, and all but 8 of them sold for more than list price. There are 26 homes that are currently pending sale. There are just 12 single-family homes for sale in all of Menlo Park, 7 that came on the market in the past 2 weeks. Prices range from $549,000 to $3.825 million. Additionally, there are 5 condos/townhomes for sale ranging from $499,000 to $2.275 million.

Palo Alto Market Update

Like Menlo Park, it continues to be a seller’s market in Palo Alto. Last month there were 22 homes that closed escrow, shown below, and all but 4 of them sold for more than list price. There are 17 homes that are currently pending sale. As of December 8, there are 21 single-family homes for sale in Palo Alto, 8 that came on the market in just the past week. Prices range from $850,000 to $9.995 million.

Los Altos and Los Altos Hills Market Update

It continues to be a seller’s market in Los Altos and Los Altos Hills. In November there were 23 homes that closed escrow, shown below, and all but 8 of them sold for more than list price. There are 19 homes that are currently pending sale, including one Los Altos Hills home listed at $27 million. As of December 8, there are just 16 single-family homes for salein Los Altos ranging in price from $1.595 to $6.995 million. In Los Altos Hills, there are 19 homes for sale from $2.875 to $15 million.