Real Estate News & Reports

This month, I found 2 great reports on the real estate market:

San Francisco Bay Area Home Values
A report generated by First Republic tracks the Bay Area home values since 1985 and clearly demonstrates the stability and economic growth of the real estate market in this area.

Knight Frank’s 2014 Wealth Report
A comprehensive look at global prime property markets, wealth distribution, and investment trends.

Market Update

Summer vacations are over and schools have started – in real estate terms this usually translates to buyers and sellers getting back into the market. Until we move further into the Fall, I continue to caution sellers not to take this market for granted. There will be more competition as inventory increases and we need to see how buyers are going to respond. Plus, the holidays will be here before we know it. On a very positive note, the local economy is still strong, and in some communities and specific neighborhoods, we are still seeing multiple offers and over list price sales. If you are considering selling, I encourage you not to wait. Please contact me if you would like to talk about selling your home or to just catch up on this market.

Portola Valley

There are 13 homes currently for sale in Portola Valley, only 4 of which have come on the market in the last 30 days. Six homes closed escrow in August with one selling for more than list price. Compare that to the month of June, when there were 8 closed sales and 6 of them were for more than list price. Are buyers in less of a frenzy or are sellers setting their list prices higher based on recent sales? Two additional homes in Portola Valley went into contract in August – one listed at $2.15 million after 15 days on the market and one listed at $1.895 million after 12 days on the market.

Portola Valley August Sales

Woodside

This month, things have changed a bit. Only 6 Woodside homes went into contract in August, compared to 13 in July. There were 10 homes that closed escrow in August, listed below. And only one of thes ehomes sold for more than list price, which is definitely a shift in the market. Inventory is also rising with 33 homes for sale, 24 of which have been on the market for more than 30 days.

Woodside August Sales

Atherton

Only 6 Atherton homes went into contract in August, compared to 8 in July, but it is important to note that 2 of these were homes listed formore than $13 million. There were 6 homes that closed escrow in August, listed below, 2 of which sold for more than list price. Inventory is also rising with 27 homes for sale, 17 of which have been on the market for more than 30 days.

Atherton August Sales

Menlo Park

There were 33 Menlo Park homes that went into contract in August, compared to 31 in July and 46 in June. There were 34 homes that closed escrow in August, listed below. 19 of these sold for more than list price, which is evident of strong buyer demand but a lower percentage than we are used to seeing. There are 30 single-family homes currently for sale in Menlo Park, 7 that came onto the market just this week.

Menlo Park August Sales

Palo Alto

After what looked like a potential buyer slow down in July, that certainly wasn’t the case in August when a total of 40 single family homes went into contract (compared to just 23 in July). There were 33 Palo Altos homes that closed escrow in August (as shown below) and all but 7 of these sold for more than list price. No slow down in Palo Alto! Inventory is rising, though, with 28 homes for sale, 10 ofwhich have been on the market for more than 30 days.

Palo Alto August Sales

Los Altos and Los Altos Hills

There were 27 homes that went into contract in August in Los Altos and Los Altos Hills, compared to 30 in July. There were 30 homes that closed escrow in August, listed below. Almost all the homes in Los Altos Hills sold for more than list price and only 4 homes in Los Altos sold for less than list price – all an indication of strong buyer demand, despite the lower number of sales.The number of homes for sale is definitely higher than it has been all year with 23 homes for sale in Los Altos and 25 homes for sale in Los Altos Hills. Over half of these have been on the market for more than 30 days.

Los Altos and Los Altos Hills August Sales