Pre-Covid, there was an old adage that real estate sales lagged in the summer months. Well, it appears the market is more like those pre-Covid days now, as sales definitely lagged in July compared to the same month last year in all local cities. Many people were in fact out of town, certainly more than we have seen in the past two years, as travel felt at least safer and trips to Tahoe, Hawaii, Europe, and just about anywhere were common.

Homes in the “more affordable” price ranges are very in much in demand and interest rates have come down again putting serious buyers back in the market. It’s still a great time to sell but pricing is key and what a home sold for last year may not be the case today. We are always happy to give you an estimate of value, without obligation. It’s an important part of your portfolio, and, like your stock holdings, your real estate holdings fluctuate as well. Please call on us any time. Our experience is invaluable in today’s market for both sellers and buyers.

We anticipate inventory increasing now that schools have started and sellers will want to get their home sold before the holidays.

Portola Valley

In Portola Valley only 4 homes closed escrow compared to 18 last July. For the year, sales are down 51%.  The good news is the median price is up 38% to a record high of more than $4.5 million year-to-date. There are just 15 homes for sale in Portola Valley, 5 that have been on the market for more than 30 days.

Woodside

In Woodside only 6 homes closed escrow compared to 18 last July. For the year, sales are down 48%. The median price is up just slightly to a record high of almost $4.3 million year-to-date. There are 31 homes for sale in Woodside (higher inventory than we have seen in some time), and 26 of these have been on the market for more than 30 days.

Atherton

In Atherton there were 4 homes that closed escrow compared to 5 last July. For the year, sales are down 18%, which is much lower than in some neighboring cities. The median price year-to-date is also down slightly dropping 4% to just below $8 million. There are 25 homes for sale in Atherton (higher inventory than we have seen in some time), and 19 of these have been on the market for more than 30 days.

Menlo Park

In Menlo Park only 21 single-family homes closed escrow compared to 52 last July. For the year, sales are down 38%. The median price is up 23% to a record high of $3.4 million year-to-date. There are 41 single-family homes for sale in Menlo Park (higher inventory than we have seen in some time), and 23 of these have been on the market for more than 30 days.

Palo Alto

In Palo Alto only 26 single-family homes closed escrow compared to 47 last July. For the year, sales are down 24%. The median price is up 11% to a record high of more than $3.8 million year-to-date. There are 58 single-family homes for sale in Palo Alto (higher inventory than we have seen in some time), and 35 of these have been on the market for more than 30 days.

Los Altos and Los Altos Hills

For the year, sales are down 34%. In Los Altos Hills, only 9 homes closed escrow compared to 14 last July and for the year, sales are down 27%. The median price is up 10% to a record high of $4.33 million year-to-date in Los Altos and up 13% to more than $5.9 million in Los Altos Hills. There are 50 single-family homes for sale in Los Altos and Los Altos Hills (higher inventory than we have seen in some time), and 29 of these have been on the market for more than 30 days.