If you are considering buying or selling, let’s talk about next steps now. Whether you are preparing to come on the market or searching for the perfect place to call home, the earlier you start the better in order to get a jump on the spring competition.

Check out the market activity so far this year for the various cities and towns in our area. It’s too soon to tell what the trends are going to be, we are just heading into the time of year when activity picks up. We will be keeping a close eye on what's happening with pricing and inventory. Seven weeks into 2019 and here is what is happening.

Portola Valley

• Two homes that went into contract last year closed escrow; they were on the market for more than 70 days and each had a price reduction
• A home that we had listed went into contract after 90 days on the market and a price reduction
• A Ladera home that had been on the market last fall for 54 days and withdrawn for the holidays came back on the market at a reduced list price and went into contract after 6 days
• 7 new listings came on the market this year, between $1.3 million and $10.8 million. 2 homes listed last year are still on the market

The numbers above in this month’s summary chart don’t say much as there were no closed escrows in January and only one new listing. As indicated above, homes are taking longer to sell with those in the “lower” price ranges selling more quickly.

Woodside

• 3 homes closed escrow, all of which were listed for sale last year
• 7 additional homes went into contract and are pending sale
• 13 homes were listed for sale and are still active
• New listings this year range from $699,000 to $29,900,000, including 5 for more than $9.8 million

Sales were down in January compared to the same month last year, but the median price was up by more than double as a result of one sale for $16.5 million. With 7 pending sales, more data will help us better understand the trends once these homes start closing and prices are revealed.

Atherton

• 5 homes closed escrow, 2 of which were listed for sale this year
• 2 additional homes went into contract and are pending sale
• 15 homes were listed for sale and are still active
• New listings this year range from $2,498,000 to $26,000,000, including 7 for more than $12 million

There were just 2 closed escrows in January but it was an improvement compared to the zero sales in January 2018 . Year-to-date for the 5 homes that closed escrow (per the Multiple Listing Service), the median price is down just 6% compared to all of last year.

Menlo Park

• 12 homes closed escrow; all but 3 were listed for sale this year
• 14 homes went into contract, 12 of which were listed for sale this year
• 30 additional homes were listed for sale and are still active
• New listings this year range from $980,000 to $9,950,000, including 8 for $4.5 million or more

While there were only 12 sales in January, the reported median price was down compared to the same month last year and is down 39% compared to the median price for all of 2018, which was $2,600,000.

Palo Alto

• 29 homes closed escrow; only 10 of which were listed for sale this year
• 35 homes went into contract (23 are pending sale), all but 3 of which were listed for sale this year
• 46 additional homes were listed for sale and are still active
• New listings this year range from $1,699,000 to $15,500,000, including 9 for more than $5 million.

Sales were up in January compared to the same month last year. The median price was up 22% compared to the median price for all of 2018. However, currently the median price year-to-date is down 15% compared to last year.

Los Altos & Los Altos Hills

• 41 new listings this year in Los Altos, 22 of which are already in contract or have closed escrow. In Los Altos Hills, 9 new listings, only 1 of which is in contract
• New listings this year in Los Altos Hills range from $3,388,000 to $11,850,000 and in Los Altos, prices range from $2,375,000 to $7,495,000
• 42 single-family homes currently for sale in Los Altos and Los Altos Hills – and the lowest price is $2,500,000

Sales were steady in Los Altos and down just slightly in Los Altos Hills compared to the same month last year. Prices however were down. Year-to-date, the median price in Los Altos is down 6% from the record high set in 2018. In Los Altos Hills, the median price is down 5% from the record high set in 2018.