The numbers are in for the first quarter of 2019 real estate market. While some of the numbers show a decline over last year, it is too early in the year to be concerned about any downward trend in prices. With the recent IPO of Lyft and several other unicorn companies with planned IPOs this year,we expect this to have a positive impact on our markets. Also, interest rates are at a 15-month low, and now that we are beyond the extra-heavy rain/snow season that we had and spring breaks are almost over, we are starting to see a lot more buyers in the market. Overall. we anticipate inventory to increase steadily as we move into the typical spring selling months. In a market where buyers are always searching for new listings, it’s a strong market for sellers.

Portola Valley

Seven homes closed escrow in the first quarter, compared to 8 in the same quarter last year. An additional 15 homes went into contract during the first quarter that have not closed escrow. The average price in the first quarter reached a record at $4,595,714, a significant 33% increase compared to all of 2018. This was due to two high-end sales, one at $7.8 million and one at $9.2 million. The median price however was down 14% as the other 5 sales were between $1.2 million and $5.65 million. In March, there were 3 sales, 2 of which were for more than list price and sold very quickly.

Woodside

Eleven homes closed escrow in the first quarter, compared to 13 in the same quarter last year. An additional 3 homes went into contract during the first quarter that have not closed escrow. The average price in the first quarter was $4,322,685, a slight 3% decline compared to all of 2018. The median price however was up, increasing 5% from last year. It is too early in the year to be concerned about any downward trend in prices. In March, there were 6 sales, 2 of which were for more than list.

Atherton

Eleven homes closed escrow in the first quarter, compared to just 8 in the same quarter last year. An additional 3 homes went into contract during the first quarter that have not closed escrow. The average price in the first quarter was $5,956,036, a 15% decline compared to record high in 2018. The median price was down even more, declining 38% from last year. In March, there were 6 sales, none of which were for more than list.

Menlo Park

Fifty-five homes closed escrow in the first quarter, compared to 48 in the same quarter last year. An additional 5 homes went into contract during the first quarter that have not closed escrow. The average price in the first quarter was $2,475,991, a 14% decline compared to all of 2018 and the first year-over-year decline since the 2008 recession. The median price was also down, declining 17% from last year. In March, there were 26 sales, 15 of which were for more than list price, which is fewer than we have become accustomed to.

Palo Alto

Sixty-five homes closed escrow in the first quarter, compared to 71 in the same quarter last year. An additional 14 homes went into contract during the first quarter that have not closed escrow. The average price in the first quarter was $3,078,059, an 18% decline compared to the record high in 2018. The median price was also down, declining 15% from last year. In March, there were 31 sales, 20 of which were for more than list price.

Los Altos & Los Altos Hills

Thirty-eight homes closed escrow in the first quarter in Los Altos, compared to 58 in the same quarter last year. In Los Altos Hills, only 4 homes closed escrow, compared to 14 in the first quarter of 2018. In Los Altos, the average price in the first quarter was $3,698,760, almost the same as the record high set in 2018. The median price was down a slight 3% from last year. In Los Altos Hills, with so few sales, it’s no surprise that the average price was down 16% compared to the record high set in 2018. The median price was down 22%. In March, there were 20 sales in Los Altos, 12 of which were for more than list price, which is fewer than we have become accustomed to. In Los Altos Hills, there were just 2 sales.