The World Series is over, the clocks have been changed, and we’ve actually seen a little rain – it’s definitely a new season. And, at this time of year, that usually means the real estate market slows down. But that's not the case for many of our local markets.
Portola Valley
Here in Portola Valley we’ve seen an amazing real estate market all year and it hasn’t slowed yet. In fact, October recorded the 4th highest number of transactions this year with 6 sales compared to 8 in July, 7 in May, and 14 in April. An additional 4 homes are pending close of escrow. All of these fall in the mid-price range between $1.5 and $3.6 million. Despite last month’s strong performance, the 13 homes currently for sale in Portola Valley have been on the market for 3 weeks or longer, a stark contrast to this year’s median number of days on the market at 12. What we don’t know is if this indicates a seasonal lull (likely) or a buyer shift. Evidence suggests a holiday slowdown, with buyer demand remaining high in October with 50% of the homes selling for more than list price.
Woodside
In Woodside, October recorded the second highest median price all year. There were 6 sales in October and an additional 11 homes are pending close of escrow. There are 30 homes for sale in Woodside – a higher inventory than we have seen earlier this year. All but 6 ofthe homes have been on the market for 3 weeks or longer. What we don’t know is if this indicates a seasonal lull (likely) or a buyer shift. Evidence suggests a holiday slowdown, seeing as buyer demand remained high in October with 50% of the homes selling for more than list price.
Atherton
In Atherton this year, the real estate market has been recording prices at all-time record highs. However, the median price in October was the lowest it has been all year. Seven homes closed escrow in October. An additional 3 homes are pending close of escrow and the most expensive home sold this year (as reported onthe Multiple Listing Service) went into contract in October and closed escrow in November for $35.3 million. Currently there are 25 homes for sale in Atherton – a higher inventory than earlier this year. All but 7 of the homes have been on the market for 3 weeks or longer. What we don’tknow is if this indicates a seasonal lull (likely) or a buyer shift. Evidence suggests a holiday slowdown with buyer demand remaining high in October with 57% of the homes selling for more than list price.
Menlo Park
In Menlo Park, saw prices at all-time record highs this year. However, the median price of homes sold in October was the lowest it has been all year. There were 27 homes that closed escrow in October. An additional 25 homes are pending close of escrow. Currently there are 25 single-family homes for sale in Menlo Park and 17 have been on the market for 3 weeks or longer. What we don’t know is if this indicates a seasonal lull (likely)or a buyer shift. Evidence suggests a holiday slowdown, as buyer demand remained high in October with 78% of the homes selling for more than list price.
Palo Alto
Palo Alto saw prices at all-time record highs this year and it hasn’t slowed yet. In fact, October recorded the 3rd highest number of transactions this year with 35 sales compared to 36 in May and 40 in April. An additional 26 homes are pending close of escrow.There are 28 homes for sale in Palo Alto, 17 of which have been on the market for 3 weeks or longer. What we don’t know is if this indicates a seasonal lull (likely) or a buyer shift. Evidence suggests a holiday slowdown, as buyer demand remained high in October with 85% of the homes selling for more than list price.
Los Altos and Los Altos Hills
In Los Altos and Los Altos Hills we’ve seen an amazing real estate market all year but the numberof sales in Los Altos has been steadily declining every month since the peak in May. In Los Altos Hills, October recorded the 3rd lowest number of transactions this year. Prices though in Los Altos Hills showed the 2nd strongest median price all year.There were 27 sales in October in Los Altos and 5 sales inLos Altos Hills. An additional 28 homes are pending close of escrow. There are 12 homes for sale in Los Altos, but ther eare 45 homes for sale in Los Altos Hills – a much higher inventory than earlier this year. All but 7 of the homes have been on the market for 3 weeks or longer. What we don’t know is if this indicates a seasonal lull (likely) or a buyershift. Evidence suggests a holiday slowdown, as buyer demand remained high in October with 66% of the homes selling for more than list price.