Our new normal continues. We hope you are healthy and making it through this, and if there is anything at all that we can do to help you, we are here for you. We are all in this together and our sense of community – and our pride in being part of this community – has never meant more to us.
Beyond community, home has never been more important to us. “Home is where the heart is,” attributed to Gaius Plinius Secundus, who died in 79 A.D., takes on a special meaning to us almost 2000 years later as we all shelter in the place we call home. And of course, homes are particularly special to us. With that in mind, we want to keep you informed about changes that have occurred in our industry.
- On March 19 the Multiple Listing Service suspended accrual of days on market for those homes currently listed for sale.
- On March 28, real estate services were deemed an essential business (albeit with strict guidelines in place, no open houses, no broker tours).
- On March 31, it was deemed that vacant homes could be shown to no more than 2 visitors at a time (with strict guidelines enforced); virtual tours were still strongly encouraged.
There are still sellers that must sell and buyers that need a place to live. Know that we are here to help you, or anyone you know, should you be in this position. Transactions are still being completed with virtual showings and Facetime/Duo walkthroughs, appraisers and lenders are still available, mobile notaries are abiding by 6-foot rules, and e-signings have been part of real estate for many years now. Recordings with the county can happen electronically as well.
We continue to advise sellers and buyers to look at the long-term picture of owning a home here. We assure you that we will do everything possible to help you, all within the mandates set forth right now. Stay well and safe everyone and reach out to us with any questions at all.
We welcome your calls and emails with questions. In the meantime, below is our “normal” update for our local markets for the month of March.
Portola Valley
In Portola Valley, there were 4 homes that closed escrow in March; 1 of these went into contract after the shelter-in-place order and closed just 8 days later; 3 went into contract in February. While this number is half as many as closed last March, it is encouraging to see that these transactions were all concluded successfully. Because 2 of the sales were in excess of $5 million, the median price was up 39% for the month! However, year-to-date, at the end of March, it was down 23%. Currently, there are 15 homes for sale in Portola Valley, 1 of which came on the market since the shelter in place on March 17.
Woodside
In Woodside, there were 8 homes that closed escrow in March, all of which went into contract before shelter-in-place. This number is 2 more than in March of last year. The median price was down 35% as 5 of the sales were for less than $2 million and only 1 home sold for more than $4 million. Currently, there are 34 homes for sale in Woodside, 8 of which came on the market since the shelter in place.
Atherton
In Atherton, there were 5 homes that closed escrow in March, all of which went into contract in February. This number is 1 less than in March of last year and it is also encouraging to note that the median price was up 32% compared to March 2019 due to 3 sales between $7 million and $10 million. Currently, there are 23 homes for sale in Atherton, 3 of which came on the market since the shelter in place.
Menlo Park
In Menlo Park, there were 22 homes that closed escrow in March, all of which went into contract before shelter in place. This number is 4 fewer than in March of last year and it is also encouraging to note that 10 of the sales closed escrow after the shelter in place. The median price was up 8% compared to March 2019 and the highest priced sale was over list price after just 1 day on the market. Currently, there are 29 homes for sale in Menlo Park, 13 of which came on the market since the shelter in place.
Palo Alto
In Palo Alto, there were 20 homes that closed escrow in March, all of which went into contract before shelter in place. Not surprising, this number is 11 fewer than the number of sales in March 2019; it is encouraging though that 9 of the homes closed escrow after the shelter in place. Also, the median price was up 9% compared to March 2019 and 70% of the homes sold for more than list price. Currently, there are 49 homes for sale in Palo Alto, 21 of which came on the market since the shelter in place.
Los Altos & Los Altos Hills
In Los Altos, there were 19 homes that closed escrow in March, all of which went into contract before shelter in place. This is only 1 less than in March of last year. In Los Altos Hills, there were 7 homes that closed escrow, compared to 2 in March of 2019, all of which went into contract before March 17. Currently, there are 38 homes for sale in Los Altos, 21 of which came on the market since the shelter in place. In Los Altos Hills, there are 17 homes for sale, 1 of which came on the market since March 17.