The 3rd quarter has come and gone, which is always a good time to take a look at the real estate market to see how it compares to previous quarters. Check out the local real estate markets for Portola Valley, Woodside, Atherton, Menlo Park, Palo Ato, Los Altos and Los Altos Hills below.

On the news front, a national change in the lending laws went into effect on October 3. The changes are designed to protect consumers but may make obtaining a mortgage and expediting a closing more difficult. If a mortgage or refinance is in your future, I would be happy to connect you with a very qualified lender who can explain the details to you.

As always, please call me with any real estate questions you may have.

Portola Valley

In Portola Valley, the 3rd quarter median price reached the highest amount so far this year. At the end of the 3rd quarter, the median pricewas $2,700,000 compared to the 2nd quarter, which was $2,625,000 and the 1st quarter at $2,580,500.

In September, sales slowed. Just one home closed escrow but 4 additional homes (priced between $1.3 and $2.8million) went into contract and are pending sale. There are just 16 homes currently for sale in Portola Valley.

Woodside

In Woodside, the median price at the en dof the 3rd quarter was $2,612,500. This is higher than the 2nd quarter median of $2,500,000, but quite a bit lower than the 1st quarter at $2,850,000. All in all, the median price has gone up significantly in recent years – by $1 million since 2012. And, buyer demand remains strong as evidenced by 50% of September sales going for more than list price.

Atherton

In Atherton, the median price at the end of the 2nd and 3rd quarters was $5,300,000, quite a bit less than the 1st quarter record high of $7,000,000. All in all, the median price has gone up significantly in recent years – by more than $2,300,000 since 2012. And, buyer demand remains strong as evidenced by 60% of September sales going for more than list price.

Menlo Park

In Menlo Park, the median price at the end of the 3rd quarter was $2,200,000. This is higher than the 2nd quarter median of $2,000,000, but quite a bit lower thanin the 1st quarter at $2,400,000. All in all, the median price has gone up significantly in recent years – by more than $750,000 since 2012. And, buyer demand remains strong as evidenced by 85% of September sales going for more than list price.

Palo Alto

In Palo Alto, the 3rd quarter median price reached the highest amount so far this year. At the end of the3rd quarter, the median price was $2,750,000 compared to the 2nd quarter, which was $2,699,500 and the 1st quarter at $2,600,000. All in all, the median price has gone up significantly in recent years – by almost $1 million since 2012. And, buyer demand remains strong as evidenced by 83% of September sales going for more than list price.

Los Altos and Los Altos Hills

In Los Altos, the 3rd quarter median price reached the highest amount so far this year at $2,805,000 compared to the 2nd quarter, which was $2,713,000 and the 1st quarter at $2,800,000. In Los Altos Hills, the 3rd quarter median price dropped to $3,400,000, the lowest this year compared to the 2nd quarter median price of $3,710,000 and 1st quarter at $3,500,000. All in all, the median price has gone up significantly in recent years – by almost $1 million since 2012 in Los Altos and more than $1 million in Los Altos Hills. And, buyer demand remains strong as evidenced by 78% of September sales in Los Altos Hills and 59% in Los Altos going for more than list price.