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June 2015 Real Estate Update

Portola Valley

June 15 Portola Valley Market

Since my report to you last month, the real estate market in Portola Valley has continued on the same path – escalating prices, few number of homes for sale and strong buyer demand. It’s beginning to sound like a broken record but, fortunately, it’s a very good song! Once again, record high prices have been achieved with the year-to-date average price exceeding $3.3 million, up 22% from the same period last year, and the year-to-date median price exceeding $2.6 million, representing a 9% gain from the same period last year.

In May, there were 7 homes that closed escrow and 5 of those sold for more than list price, each of which sold in 2 weeks or less of being on the market. There are currently 6 homes that are under contract and pending sale and there are just 9 homes for sale and only one of those has come onthe market in the last 30 days. Data shows the number of new listings this year is down 30%, which is really fueling this market – the basic law of supply and demand. Buyers have discovered the excellent value and lifestyle afforded in Portola Valley – what many have known for years – but with few homes available for sale, prices will continue to go up.

Woodside

June 2015 Woodside Real Estate Update

Following two months of lackluster sales in Woodside (with a total of 14 sales), May rebounded with 13 homes thatclosed escrow, 5 of which sold for more than list price. Overall, sales are still down from last year with a year-to-date decline of 8%. In May, the highest end of the market was strong with 4 sales in excess of $6 million. This resulted in a significant year-to-date increase in the average and median prices, unlike the declines I reported to you last month. The year-to-date average price of $3,539,562 is up 11% and the year-to-date median price of $2,500,000 is up 8%.

There are currently 10 homes that are under contract and pending sale in Woodside and there are 30 homes currently for sale, 7 of which have come on the market in the past 2 weeks.

Atherton

June 2015 Atherton Real Estate

Since my report to you last month, there continues to be strong demand for homes in Atherton. In May, the year-to-date average and median prices declined slightly from the record highs we saw in April, yet still remained amazingly high. The year-to-date average price is $7,267,064, a 31% increase compared to the same period in 2014. The year-to-date median price is $6,600,000, representing a63% increase compared to the same period in 2014. There were 8 sales in May, 3 of which (all at the lowest end of themarket) sold for more than list price.

There are currently 8 homes that are under contract and pending sale in Atherton and there are 18 homes currently for sale, only 5 of which have come on the market in the past 2 weeks. As the data above shows, the number of newlistings this year is down 25%.

Menlo Park

June 2015 Menlo Park Real Estate

Since my report to you last month, the real estate market in Menlo Park has continued on the same path – record breakingprices and strong sales. Once again, record high prices have been achieved with a year-to-date average price exceeding $2 million and the year-to-date median price exceeding $1.9 million, representing a 10% and 20% increase, respectively, compared to the same period last year. In May, there were 43 homes that closed escrow, 35 of which were single-family homes, as shown below. All but 7 of these sold for more than list price, including sales inall price ranges – from the very highest to the lowest.

There are currently 22 single-family homes that are under contract and pending sale and there are 27 homes for sale, only 5 of which were listed in the past week. While new listings have definitely picked up in the past two months, as the data above shows, the number of new listings this year is down 9%.

Palo Alto

June 2015 Palo Alto Real Estate

The real estate market in Palo Alto continues to be strong. Once again, record high prices have been achieved with a year-to-date average price exceeding $2.8 million and the median price exceeding $2.5 million, each representing a 20% increase compared to the same period last year.

In May, there were 41 homes that closed escrow, 36 of which were single-family homes. All but 6 of those sold for more than list price, including sales in all price ranges –from the very highest to the lowest. There are currently 38 homes that are under contract and pending sale and there are 41 homes for sale, 19 of which were listed in the past week. While new listings have definitely picked up in the past two months, as the data above shows, the number of new listings this year is down 9%.

Los Altos & Los Altos Hills

June 2015 Los Altos real estate

Strong demand continues for homes in Los Altos and Los Altos Hills. In May, the year-to-date average and median prices in both Los Altos and Los Altos Hills declined from the record highs we saw in April, yet sales remained strong and 73% of the homes sold for more than list price – clearly an indication of buyer demand. There were no sales for less than $1.65 million and the highest end of the market had two sales in excess of $5 million, both in North Los Altos, both for well over list price, and both sold in just one day.

There are currently 32 homes that are under contractand pending sale in Los Altos/Los Altos Hills. There are 23 single-family homes currently for sale in Los Altos and 22 in Los Altos Hills, so inventory is definitely picking up, but as the data above shows, the number of new listings this year is down 6%.

Ginny Kavanaugh

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John Kavanaugh: 415.377.2924 Joe Kavanaugh: 650.400.5312 Ginny Kavanaugh: 650.400.8076