The numbers are in for the first quarter of 2022 for the real estate market. Low inventory continues to be a trend, and as long as it remains low, prices will continue to escalate as buyer demand has never been stronger.

Having represented many sellers and buyers in the area for over 30 years, we know exactly what it takes to get you the best results – both for sellers and for buyers in this competitive market. Please contact us any time to talk about your home or just to catch up on the market.

Portola Valley

Only 9 homes closed escrow in the first quarter, half the number that closed in the same quarter last year. 18 new listings in the first quarter compared to 41 in the same period last year.

The median price in the first quarter reached a record high of $5,688,000, a significant 63% increase compared to the same period last year and also a 63% increase compared to all of 2021. The average price was even stronger, due in part to the sale of a property at $25 million. The record high average price in the first quarter of $7,773,111 was 92% higher than it was in 2021.

Of the 9 sales in the first quarter, 5 sold for more than list price, 2 sold at list price (including the $25 million sale), and 2 sold for less than list price. There are currently 10 homes for sale in Portola Valley, 4 of which have been on the market for more than 30 days.

Woodside

Only 14 homes closed escrow in the first quarter, compared to 24 in the same quarter last year. 24 new listings in the first quarter compared to 47 in the same period last year.

The median price in the first quarter was $3,205,000, a 12% decrease compared to the same period last year and a 17% decline compared to all of 2021. This was a result of just 3 sales for more than $5 million during the quarter. The average price in the first quarter, while quite a bit higher at $3,801,286, was down even more with a 23% decline compared to 2021.

Of the 14 sales in the first quarter, 9, or 64%, sold for more than list price, 1 sold at list price, and 4 sold for less than list price. There are currently just 16 homes for sale in Woodside, 11 of which have been on the market for more than 60 days.

Atherton

Sales were strong with 17 homes that closed escrow in the first quarter, compared to 19 in the same quarter last year. The number of homes available for sale was low with 34 new listings but that was nearly the same as the 38 new listings in the first quarter of last year.

Prices reached record highs. The median price in the first quarter was $10,000,000, a 49% increase compared to the same period last year and also a 49% increase compared to all of 2021. The average price was even stronger, with 9 sales for $10 million or more. The record high average price in the first quarter of $9,192,354 was 14% higher than it was in 2021.

Of the 17 sales in the first quarter, 9, or 53%, sold for more than list price and 7 sold for less than list price. There are currently 17 homes for sale in Atherton, 11 of which have been on the market for more than 30 days.

Menlo Park

Only 65 single-family homes closed escrow in the first quarter compared to 90 in the same quarter last year. 109 new listings in the first quarter compared to 137 in the same period last year.

The median price in the first quarter reached a record high of $3,098,000, a 7% increase compared to the same period last year and a 5% increase compared to all of 2021. The average price was even stronger with a record high in the first quarter of $3,584,760 that was 10% higher than it was in 2021.

Of the 65 sales in the first quarter, 51, or 78%, sold for more than list price, 9 sold at list price, and only 5 sold for less than list price.  There are currently 30 single-family homes for sale in Menlo Park, 7 of which have been on the market for more than 30 days.

Palo Alto

This was the only town in the cities that we cover that actually had an increase in the number of sales. There were 83 single-family homes that closed escrow in the first quarter compared to 78 in the same quarter last year. The number of new listings though was down with 141 compared to 157 in the same period last year.

The median price in the first quarter reached a record high of $4,100,000, a significant 24% increase compared to the same period last year and a 15% increase compared to all of 2021. The average price was even stronger with a record high in the first quarter of $4,401,886 that was 12% higher than it was in 2021.

Of the 83 sales in the first quarter, 66, or 80%, sold for more than list price, 6 sold at list price, and only 11 sold for less than list price.  There are currently 36 single-family homes for sale in Palo Alto, 12 of which have been on the market for more than 30 days.

Los Altos

43 single-family homes closed escrow in the first quarter compared to 56 in the same quarter last year.  78 new listings in the first quarter compared to 95 in the same period last year. The median price in the first quarter reached a record high of $4,328,000, a 13% increase compared to the same period last year and a 6% increase compared to all of 2021. The average price was even stronger with a record high in the first quarter of $4,654,736 that was 9% higher than it was in 2021.

Los Altos Hills

13 homes closed escrow in the first quarter compared to 16 in the same quarter last year. The median price in the first quarter reached a record high of $5,630,900, a 32% increase compared to the same period last year and a 9% increase compared to all of 2021. The average price was also strong in the first quarter at $5,713,146, a slight 1% decline from 2021.