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November 2014 Real Estate Update

Real Estate News and Reports

The new normal for Silicon Valley home buying: 36 days on the market
The Bay Area is the second-fastest moving residential real estate market in the entire country, with homes listed on the market for a median 36 days.

Modest Bay Area homes hit mind-boggling prices
Location drives people to the Bay Area even as price persquare foot soars, particularly in Palo Alto and Menlo Park.

Who to call for winter home maintenance care
I have compiled a short list of people you can call to helpprep your home for the winter months.

Real Estate Market Updates

It continues to be a seller’s market in most Peninsula neighborhoods. And with the strength of the buyers in the market, I don’t see the upcoming holidays even slowing that down. Here are the specific market updates broken down by city and town.

Portola Valley Market Update

As of November 5 there are just 12 homes for sale in Portola Valley, 3 that came on the market just this week. Prices range from $1.895 to $7.795 million. Additionally, there are 6 parcels of vacant land for sale ranging from 1.45 acres to 13.5 acres.

The number of closed sales in October, shown below, more than doubled from September when there were just 4 homes that closed escrow. Six of these homes sold for more than list price and by as much as 156% of list price – clear evidence of continuing strong buyer demand. There are also 7 homes that are pending sale, 5 of which went into contract in October.

Portola Valley October 2014 Home Sales

Portola Valley October 2014 home sales

Woodside Market Update

As of November 9, there are 40 homes for sale in Woodside – the most we’ve seen all year. 8 of these homescame on the market in the last month and 17 have been on the market for 2 months or more. Prices range from $738,000 to $8.95 million.

The number of closed sales in October, shown below, slowed just slightly with 7 sales compared to 9 in September. Only 1 home sold for more than list price. It could just be the time of year or this could be an indication that buyers are being more cautious than they were earlier this year. It is also important to note that there are 7 additional pending sales with list prices ranging from $899,000 to $2.59 million. Unlike other areas Woodside market seems to be shifting away from aseller’s market.

Woodside October 2014 Home Sales

Woodside home sales October 2014

Atherton Market Update

The number of closed sales in October increased from just 5 sales in September to 8 sales in October. Only 3 of the homes sold for more than list price, and 2 of these were in the low price range. Like Woodside, it could just be the time of year or this could be an indication that buyers are being more cautious than they were earlier this year. It is also important to note that there are 12 additional pending sales and 2 of these are for homes listed in excess of $13 million.

As of November 9, there are 18 homes for sale in Atherton,12 of which have been on the market for more than 2 months. Only 2 homes have come on the market in the last 30 days, so competition is extremely low. Prices range from $3.495 to $18.8 million.

Atherton October 2014 Home Sales

Atherton home sales October 2014

Menlo Park Market Update

As of November 5 there are 23 homes for sale in all of Menlo Park, 7 that came on the market just in the past week. Prices range from $525,000 to $3.6 million. Additionally, there are 7 condos/townhomes for sale ranging from $525,000 to $2.275 million.

The number of closed sales in October, shown below, almost doubled from September when there were 21 homes that closed escrow. The majority of the homes, 69%, sold for more than list price and by as much as 131% of list price – again, clear evidence of continuing strong buyer demand. There are also 44 homes that are pending close of escrow.

Menlo Park October 2014 Home Sales

Menlo Park homes sales October 2014

Palo Alto Market Update

One of the strongest sellers’ markets on the Peninsula is in Palo Alto. In October, there were 39 single-family home sales and all but 7 of these sold for more than list price. And, 59% of them sold in 10 days or less. Like Menlo Park, this is clear evidence of continuing strong buyer demand in this area, which isn't the case in all Peninsula cities right now. There are also 26 single-family homes that are pending sale in Palo Alto.

As of November 9, there are just 24 homes for sale in Palo Alto, half of which came on the market in the last 30 days. Prices range from $998,000 to $11.995 million.

Palo Alto October 2014 Home Sales

Palo Alto October 2014 home sales

Los Altos and Los Altos Hills Market Update

Another of the strongest sellers’ markets on the Peninsula is in the Los Altos/Los Altos Hills area. In October, there were 37 sales, shown below, and all but 7 of these sold for more than list price. And, 78% of them sold in 10 days or less. There are also 26 homes that are pending sale in LosAltos/Los Altos Hills.

As of November 9, there are just 13 homes for sale in Los Altos ranging from $1,999,999 to $6,350,000. In Los Altos Hills, the inventory is higher with 20 homes for sale ranging in price from $2.695 to $27 million.

Los Altos and Los Altos Hills October 2014 Home Sales

Los Altos Los Altos Hills October 2014 Home Sales

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