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December 2018 Real Estate Update

 

December 11 2018
December 11 2018
By

As we approach the end of the year and look back on 2018, we see that it has been another record-breaking year for home prices in the area, however the typical end-of-year slowdown is definitely upon us. Although the holidays are on our minds, if you are thinking of selling, now is the time to be preparing your home for sale to get a jump on the competition next year. And, with interest rates on their way up, buying now could be very advantageous. We’ll be working this month and we're just a call, text, or email away so please contact us any time.

Portola Valley

In Portola Valley, as of November 30, the median price of a home in Portola Valley was $3,305,000, a 10% increase from last year. Homes sold faster than ever this year with 50% selling in just 11 days or less. While the number of homes selling over list price has slowed, on average, homes in Portola Valley this year sold for 4% more than list price. For the first time, more homes sold in the $3 million price range this year than in the $2 million dollar price range. There were 6 homes that sold for more than $5 million (per the Multiple Listing Service). In November, only 2 homes closed escrow compared to unusually high number of 15 in November last year. This dramatic decline, primarily due to low inventory of homes for sale, has contributed to the year-over-year decline of 21% in number of homes sold. Currently, there are 15 Portola Valley homes for sale on the Multiple Listing Service. No homes have been listed for sale within the past 30 days.

Woodside

In Woodside, as of November 30, the median price of a home in Woodside was $3,400,000, a 45% increase from last year. Half of the homes continue to take just over one month to sell. Not as many homes are selling over list price as we saw earlier this year; in fact, on average, homes sold for 99% of list price. The high end of the market has been strong with 8 homes that sold for more than $7 million (per the Multiple Listing Service), including 1 sale at $20 million. In November, 3 homes closed escrow, compared to 7 last November. Year-over-year, sales are up 5%. Currently, there are 23 homes for sale on the Multiple Listing Service; no homes have been listed within the past 37 days.

Atherton

In Atherton, as of November 30, the median price of a home in Atherton was $6,625,000, an 18% increase from last year. Homes have taken longer to sell this year at a median of 25 days compared to 19 last year. Not as many homes are selling over list price as we saw earlier this year. The high end of the market has been strong with 18 homes that sold for more than $10 million (per the Multiple Listing Service), including 4 for $20 million or more. In Atherton there were 10 homes that closed escrow in November, 2 more than last November. Year-over-year, sales are down 18%. Currently, there are 17 single-family homes for sale on the Multiple Listing Service, only 4 of which have been listed within the past 30 days.

Menlo Park

In Menlo Park. As of November 30, the median price of a home in Menlo Park was $2,603,500, a 15% increase from last year. Homes sold as fast as ever with 50% selling in just 12 days or less. While the number of homes selling over list price has slowed, on average, homes in Menlo Park this year sold for 8% more than list price. The majority of the homes sold in the $2 million price range this year, followed closely by those in the $3 million dollar price range. There were 4 homes that sold for more than $7 million (per the Multiple Listing Service), including one for more than $10 million. In November, 23 homes closed escrow, the same number as last November. Year-over-year, sales are down just 1%. Currently, there are 27 single-family homes for sale on the Multiple Listing Service, only 4 of which have been listed within the past 30 days.

Palo Alto

In Palo Alto. As of November 30, the median price of a home in Palo Alto was $3,215,000, a 10% increase from last year. Homes sold very fast with 50% selling in just 10 days or less. While the number of homes selling over list price has slowed, on average, homes in Palo Alto this year sold for 9% more than list price. Almost as many homes sold in the $3 million price range this year as those that sold in the $2 million dollar price range. There were 7 homes that sold for $10 million or more (per the Multiple Listing Service). In November, 25 homes closed escrow, compared to an unusually high 37 last November. Year-over-year, sales are up 3%. Currently, there are 36 single-family homes for sale on the Multiple Listing Service, 8 of which have been listed within the past 30 days.

Los Altos and Los Altos Hills

As of November 30, the median price of a home in Los Altos was $3,400,000, a 13% increase from last year. Homes sold as fast as ever with 50% selling in just 9 days or less. While the number of homes selling over list price has slowed some, on average, homes in Los Altos this year sold for 8% more than list price. For the first time, the vast majority of homes sold in the $3 million price range. There were 18 homes that sold for $6 million or more (per the Multiple Listing Service) and only 2 homes sold for less than $2 million. In Los Altos Hills, the median price of a home as of November 30 was $4,850,000, a 24% increase from last year. While the number of homes selling over list price has slowed, on average, homes in Los Altos Hills this year sold for 1% more than list price. For the first time, the majority of homes sold in the $4 million price range. There were 10 homes that sold for $7 million or more (per the Multiple Listing Service) and only 6 homes sold for less than $3 million. In November, 27 homes closed escrow in Los Altos/Los Altos Hills, compared to an unusually high 46 last November. Year-over-year, sales are down substantially in both cities. Currently, there are 8 single-family homes for sale in Los Altos and 15 in Los Altos Hills, per the Multiple Listing Service. Only 2 homes have been listed within the past 30 days.

 

 


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