We hope this note finds you well and enjoying the holiday season with family and friends (especially after the past two years). We are so fortunate to live in this wonderful area and we wish you all much happiness and continued health.

The typical end of year slowdown is definitely upon us, and, as we reported to you in the past couple of months, the real estate market in general has slowed from the unparalleled fast pace of 2021.

Next month we will do a complete analysis of the year. In the meantime, even though 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 next year. For buyers, interest rates have started to decline so buying now could be very advantageous – and without as much competition. 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’ll be working through the holidays and are just a call, text, or email away so please contact us any time.

We wish you and your family very happy holidays!

Portola Valley

There were still 5 homes that closed escrow in Portola Valley in November, just one fewer than November of last year, and 2 of these homes sold for more than $7 million. The number of new listings is down right now (no homes have been listed in the past 3 weeks) and there are just 12 homes for sale (plus 3 listed off-market). While sales are down 42% compared to last year, the median price is up a significant 25%.

Woodside

There were still 7 homes that closed escrow in Woodside in November, compared to 11 in November of last year, and 3 of these homes sold for $6 million or more, which brought the median price for the month up 106%! The number of new listings is down right now (only one home has been listed in the last 40 days); there are 22 homes for sale (plus 5 listed off-market).  While sales are down 43% compared to last year, the median price is up a significant 30%.

Atherton

There were still 5 homes that closed escrow in Atherton in November, compared to 13 in November of last year, and 1 of these homes sold for more than $30 million, which brought the median price for the month up 25%. The number of new listings is down right now with just 20 homes available for sale and 5 homes for sale off-market (only 4 homes have been listed since November 1 and they are all listed as off-market). While sales are down 25% compared to last year, the median price is only down 5%.

Menlo Park

There were still 21 single-family homes that closed escrow in Menlo Park in November, compared to 48 in November of last year; 2 of these homes sold for more than $6.6 million but the median price for the month was down 13%. The number of new listings is down right now; there are 34 homes for sale (plus 4 listed off-market). While sales are down 39% compared to last year, the median price is up 8%.

Palo Alto

There were still 25 single-family homes that closed escrow in Palo Alto in November, compared to 60 in November of last year. 2 of these homes sold for more than $5 million but the median price for the month was down 10%. The number of new listings is down right now; there are 45 homes for sale (plus 2 listed off-market). While sales are down 32% compared to last year, the median price is up 3%.

Los Altos and Los Altos Hills

There were still 20 single-family homes that closed escrow in Los Altos in November, compared to 32 in November of last year. In Los Altos Hills, 4 homes closed escrow compared to 10 in November of last year. The number of new listings is down right now in both cities; there are 16 homes for sale (plus 7 listed off-market) in Los Altos and 14 homes (plus 2 off-market) in Los Altos Hills.