Contrary to the popular belief that sales lag in the summer, our local real estate markets performed quite well in July. We anticipate the inventory to increase even more after Labor Day with sellers wanting to get their home sold before the holidays. Whether you are buying or selling, our local expertise, market knowledge, and negotiating skills will bring you the best results. Please contact us any time for a personal consultation or just to catch up on the market. See below for more specific market performance in each of our local cities and towns.

Portola Valley

There were 4 homes that closed escrow, one for more than list price, and 4 more homes that went into contract and are pending sale. The average price was over $5 million for the month due to one sale for $13.75 million. This was by far the highest priced sale this year (the previous high was $9.2 million) and puts the average price for the year at a record high of $4,061,933. The median price of $3,222,500, however, is slightly lower than last year’s record high. Currently, there are 16 homes for sale in Portola Valley ranging from $1,495,000 to $12,000,000.

Woodside

Woodside sales picked up in July with 11 homes going into contract and 3 homes closing escrow. One home sold for more than list price and the median price for the month was the highest it has been all year. For the year though, the median price was down a significant 42%. Homes sold quickly in July and continue this year to be much quicker than last year. Currently, there are 37 homes for sale in Woodside and 13 that are pending sale.

Atherton

Atherton had 10 homes go into contract and 8 homes close escrow. Two homes sold in July were for more list price and the highest end of the market was strong with 2 sales in excess of $10 million, which resulted in a much higher median price than in the same period last year. For the year though, the median price was down a slight 4%. It took longer for homes to sell in July after 4 months of median days on market of 20 or less. Currently, there are 20 homes for sale in Atherton and 7 that are pending sale.

Menlo Park

Like the surrounding areas, The real estate market in Menlo Park performed quite well in July with 13 single-family homes going into contract and 37 single-family homes closing escrow. More than half of the homes sold in July were for more list price and the highest end of the market was very strong with 4 sales in excess of $5 million. This resulted in a much higher median price than in the same period last year. For the year though, the median price was down a slight 2%. It took longer for homes to sell in July with the second highest median days on market this year. Overall, records continue to be set this year in Menlo Park for average price, median price, and price per square foot. Currently, there are 21 single-family homes for sale in Menlo Park and 16 that are pending sale.

Palo Alto

In Palo Alto 28 single-family homes went into contract and 34 single-family homes closed escrow. The vast majority of the homes, 76%, sold in July were for more list price and the highest end of the market was strong with 5 sales in excess of $4.7 million. However, the median price was slightly lower than in the same period last year, yet it is 8% higher year-to-date. Homes sold more quickly in July than the same period last year but reached the second highest median days on market for the year. Overall, records continue to be set this year in Palo Alto for average price, median price, and price per square foot. Currently, there are 22 single-family homes for sale in Palo Alto and 26 that are pending sale.

Los Altos & Los Altos Hills

There were 13 single-family homes that went into contract in Los Altos and 26 closed escrow. In Los Altos Hills, 7 homes went into contact and 9 homes closed escrow. The median price increased a dramatic 30% in Los Altos Hills compared to the same period last year and 8% in Los Altos. In the combined cities, 24 of the 35 sales, or 74%, were for more than list price. Overall, records continue to be set this year in Los Altos and Los Altos Hills for average price and median price. Currently, there are 17 single-family homes for sale in Los Altos and 16 that are pending sale. In Los Altos Hills, there are 27 homes for sale and 7 that are pending sale.