The numbers are in for the first quarter of the 2021 real esate market. It has been quite a year so far!

There are many buyers right now and it is an excellent time to sell. Even though it is a seller’s market, getting top price AND the best terms is where we come in. Plus, we have the experience needed to handle multiple offers, which is often the case is this market.

Having represented many sellers and buyers on the Peninsula, we know exactly what it takes to get you the best results. Please contact us any time to talk about your home or just to catch up on the market. In the meantime, stay safe and we wish you good health.

Portola Valley

Eighteen homes closed escrow in the first quarter, compared to just 7 in the same quarter last year – a dramatic 157% increase. The number of new listings was up 128% from 18 to 41. As a result of all this activity, prices are up as well. The median sales price climbed to a record high of more than $3.4 million in the first quarter and in March alone it reached almost $4.5 million. The highest priced sales this year have all been in the $4 million to $5 million price range; there have been 4 of these sales, 3 of which occurred in March. There are 18 homes currently listed for sale, ranging from $1.6 million to $22 million (a fabulous vineyard estate property that we have listed).

Woodside

Twenty-four homes closed escrow in the first quarter, compared to 16 in the same quarter last year – a 50% increase! The number of new listings was up 42% from 33 to 47. As a result of all this activity, prices are up as well. The median sales price was over $3.6 million in the first quarter, a 35% increase compared to the same period last year. And, in March alone it reached over $4.1 million! There are just 33 homes currently listed for sale, ranging from $1.198 million to $135 million. Inventory is particularly low with only 10 homes listed for sale within the past 30 days.

Atherton

Nineteen homes closed escrow in the first quarter, compared to 17 in the same quarter last year. The number of new listings was up 31% from 29 to 38. Prices (per sales on the Multiple Listing Service) did not increase in the first quarter. The median price was down 4% quarter over quarter and in March it was down 1%. There have been just 3 sales this year in excess of $10 million. There are just 21 homes currently listed on the MLS for sale, ranging from $2.499 million to $32 million. Inventory is particularly low with only 6 homes listed for sale within the past 30 days.

Menlo Park

Ninety homes closed escrow in the first quarter, compared to just 45 in the same quarter last year – double the amount! The number of new listings was up 76% from 78 to 137. As a result of all this activity, prices are up as well, although just slightly. The median sales price was over $2.6 million in the first quarter, a 1% increase compared to the same period last year. However, in March alone it reached $2.9 million! There are 60 single-family homes currently listed for sale, ranging from $1.099 million to $10.89 million. While this may seem like a large number of homes for sale, it is not. Many of these homes have been lingering on the market, and 7 are in the higher price range of over $6 million.

Palo Alto

Seventy-eight homes closed escrow in the first quarter, compared to 50 in the same quarter last year – a 56% increase! The number of new listings was up 52% from 103 to 157. As a result of all this activity, prices are up as well, although just slightly. The median sales price was almost $3.3 million in the first quarter, a 3% increase compared to the same period last year. And, in March alone it reached $3.45 million! There are 54 single-family homes currently listed for sale, ranging from $1.475 million to $34.5 million. Many of these homes have been lingering on the market, and 10 are in the higher price range of over $6 million.

Los Altos

Fifty-six homes closed escrow in the first quarter, compared to 41 in the same quarter last year. The number of new listings was up 10% from 86 to 95.  The median sales price was over $3.8 million in the first quarter, a 16% increase compared to the same period last year. And, in March the median price as over $3.7 million, 15% higher than March of 2020. There are just 24 single-family homes currently listed for sale in Los Altos, ranging from $1.988 million to $14 million.

Los Altos Hills

Sixteen homes closed escrow in the first quarter, compared to 14 in the same quarter last year. The number of new listings was up 41% from 27 to 38. Prices did not increase in the first quarter. The median price was down 4% quarter over quarter and in March it was down 23%. There are 33 homes for sale in Los Altos Hills, ranging from $2.898 million to $39.998 million.