As we approach the end of the year and look back on 2019, we see that it has been another record-breaking year for home prices for many cities and towns in our area, while others are experiencing a shift. Although the holidays are on our minds, if you are thinking of selling, now is the time to be preparing your home for sale to get a jump on the competition in 2020. And, with interest rates at nearly record lows, buying now could be very advantageous. We know exactly what it takes to set your home apart both in physical presentation and in marketing – and how to find you the perfect home at terms that are right for you. We will be working this month and are just a call, text, or email away - so please contact us any time.

Happy Holidays to you and your family!

Portola Valley

As of November 30, the average price of a home in Portola Valley was $3,618,626, a 5% increase from last year. The median price however, at $3,100,000, was down 7%. Homes took longer to sell this year with 50% selling in 31 days or less – the longest days on market since 2011. The number of homes selling over list price has slowed to 24% this year in Portola Valley. On average, homes sold for 98.4% of list price. There have been 7 homes that sold for more than $5 million (per the Multiple Listing Service). The typical end-of-year slowdown is definitely upon us with just 2 homes that are pending sale and 13 homes currently for sale on the Multiple Listing Service. There has been 1 new listing since November 1.

Woodside

Following a year of record-breaking prices in Woodside, the market has shifted, the average price of a home in Woodside was $3,701,099, a 17% decline from last year’s record high. The median price, at $2,668,750, was down 22%. Homes sold much more quickly this year with 50% selling in 27 days or less, the fastest since 2015. The number of homes selling over list price has slowed to just 15% in Woodside. On average, homes sold for 97% of list price. There have been 12 homes that sold for more than $5 million (per the Multiple Listing Service), including 2 for more than $14 million. The typical end-of-year slowdown is upon us with 4 homes that are pending sale but there are still 36 homes currently for sale on the Multiple Listing Service. There were 7 new listings in November.

Atherton

The average price of a home in Atherton was $8,933,821, a 7% increase from last year. The median price however, at $6,374,500, was down 4%. Homes took longer to sell this year with 50% selling in in 35 days or less – the longest days on market since 2016. The number of homes selling over list price has slowed to 27% this year in Atherton. On average, homes sold for 98.7% of list price. There have been 19 homes that sold for more than $10 million (per the Multiple Listing Service), including 7 for more than $20 million. The typical end-of-year slowdown is definitely upon us with just 3 homes that are pending sale but there are 22 homes currently for sale on the Multiple Listing Service. There have been 5 new listings since November 1.

Menlo Park

The average price of a home in Menlo Park was $2,786,056, a slight 3% decline from last year’s record high. The median price, at $2,400,000, was down 8%. Homes sold very quickly this year with 50% selling in 12 days or less. The number of homes selling over list price has slowed compared to previous years yet is still at 52%. On average, homes sold for 102% of list price. There have been 27 homes that sold for more than $5 million (per the Multiple Listing Service), including 1 for more than $10 million. The typical end-of-year slowdown is upon us with 19 homes that are pending sale and 25 homes currently for sale on the Multiple Listing Service. There were 15 new listings in November.

Palo Alto

The average price of a home in Palo Alto was $3,487,848, a 7% decline from last year’s record high. The median price, at $3,080,000, was down 4%. Homes sold very quickly this year with 50% selling in 12 days or less. The number of homes selling over list price has slowed compared to previous years yet is still at 52%. On average, homes sold for 103% of list price. There have been 30 homes that sold for more than $5 million (per the Multiple Listing Service), including 3 for more than $11 million. The typical end-of-year slowdown is upon us with 19 homes that are pending sale and 25 homes currently for sale on the Multiple Listing Service. There were 15 new listings in November.

Los Altos & Los Altos Hills

Each city has seen a downward shift after record-breaking prices in 2018. The average price of a home in Los Altos was $3,500,989, representing a 5% decline. In Los Altos Hills, the average price as of November 30 was $4,609,179, which is a 9.5% decline. Homes sold very quickly in both cities and although at only a median of 13 days in Los Altos, this was the longest days on market since 2011. The number of homes selling over list price has slowed compared to previous years yet is still at 49% in Los Altos and 36% in Los Altos Hills. In the combined cities, there have been 37 homes that sold for $5 million or more (per the Multiple Listing Service), including 8 for more than $7 million. The typical end-of-year slowdown is upon us with 12 homes that are pending sale in Los Altos and 9 in Los Altos Hills. There were 13 new Los Altos listings in November and just 1 in Los Altos Hills.