We hope this note finds you well and starting to enjoy the holiday season with family and friends. We are so fortunate to live in this wonderful area and we wish you all much happiness at this time of year.
It is hard to believe this is our last market update of the year to you! As 2024 comes to an end, the real estate sector has been on an upward trend since the record-high anomaly set during the pandemic in 2022. Just look at these positive indicators, as shown below, compared to last year.
Buyer demand remains resilient, and we expect ongoing demand in 2025. Buyers have become accustomed to interest rates, but should they fall below 6%, this will further increase demand. While the holidays are typically slow for sellers and buyers, the spring market really kicks off in January. Even though the holidays are on our minds, if you are thinking of selling, now is the time to prepare your home for sale to get a jump on the competition next year. For buyers, without as much competition at the holidays, opportunities await.
Having sold many homes in the area, 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. Throughout the holidays, we remain dedicated and accessible via call, text, or email.
We wish you and your family very happy holidays!
Portola Valley
- Number of sales up 57%
- Median price up 6%
- Average price (not shown on chart) up 11%
- Days on market down 51%
It is no surprise that the number of new listings in November was down to just 3. Although 50% fewer than last November, this can be typical at this time of year, compounded by the uncertainty created from the November election. Sales however, were strong, including our sale of Jelich Ranch on Portola Road.
Woodside
- Number of sales up 22%
- Median price up 11%
- Days on market down 42%
The number of new listings in November was surprisingly high at 12, compared to just 5 in November of last year. Typically, at this time of year, and compounded by the uncertainty created from the November election, sales are down as they were in Woodside with just 3 sales.
Atherton
- Number of sales up 5%
- Median price up 1%
- Average price up 8%
- Record high average of $10,188,704
- Days on market down 56%
The number of sales in November was surprisingly high at 7. It was not surprising to see just 4 new listings.
Menlo Park
The median price, year-over-year, is down ever so slightly but the average price in Menlo Park has reached a new record high, exceeding $3.7 million for single-family homes.
- Number of sales up 6%
- Average price up 4%
- Days on market down 8%
The number of sales in November was down 25%. New listings, however, were just about the same as they were last November, and the same as all of last year.
Palo Alto
The median price and average price in Palo Alto have reached new record highs. The median price exceeds $3.6 million and the average price exceeds $4.2 million for single-family homes.
- Number of sales up 9%
- Median price up 10%
- Average price up 12%
- Days on market down 20%
The number of sales in November was up a remarkable 74%. New listings, however, were down 45% in November but up 9% year-over-year.
Los Altos & Los Altos Hills
The median price and average price in both Los Altos and Los Altos Hills have reached new record highs. The average price in Los Altos at the end of November was $4,667,766 and $6,209,051 in Los Altos Hills.
- Number of sales up 23% in Los Altos and 37% in Los Altos Hills
- Median price up 6% in Los Altos and 10% in Los Altos Hills
- Average price (not shown on chart) up 7% in Los Altos and 1% in Los Altos Hills
The number of sales in November was up a remarkable 50% in Los Altos. New listings more than doubled in Los Altos Hills but were down in Los Altos.
