It's too early in the year to determine real estate market trends, but the stock market will certainly be a factor, as it was last year. There continues to be considerable demand for homes on the Peninsula and inventory is quite low in most cities, which favors sellers. It is essential to price a property correctly; if overpriced for the market, it will sit for much longer.

We are just now heading into the time of year when activity normally picks up and we will be keeping a close eye on the trends. 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.

Six weeks into 2020, here’s what’s happening in real estate in the area.

Portola Valley

• 2 properties listed last year went into contract in January and are pending sale. One (we represented the sellers) was listed at $4.4 million and was on the market for over 100 days. The other was on for over 200 days and had 3 price reductions prior to selling.
• 6 new listings came on the market since January 1, between $2.65 million and $6.25 million. All are still for sale. An additional 7 homes listed last year are still on the market, priced from $3.248 million to $10.995 million.

There is so little data from January (just 2 new listings and 1 sold listing) to show any trends yet. Homes are taking longer to sell and the “lower” price ranges continue to sell more quickly.

Woodside

• 4 homes closed escrow, all of which were listed for sale last year.
• 6 homes went into contract, all pending sale and listed last year.
• 9 additional homes were listed for sale and are still active.
• New listings this year range from $1,850,000 to $7,495,000.

While there were only 3 sales in January, the reported median price was significantly lower than it was for the same period in 2019. The median, at $2,188,000, was 74% lower than it was in January last year. Having just come off a year where the median price declined, this median price is also 15% lower than the median for 2019.

Atherton

• 9 homes closed escrow; 4 of which were listed for sale this year.
• 1 home sold for $32,250,000; one home listed at $32,000,000 is pending sale
• 11 homes went into contract, 6 of which were listed for sale this year.
• 12 additional homes were listed for sale and are still active.
• New listings this year range from $3,500,000 to $27,000,000.

While there were only 4 sales in January, the reported median price was drastically higher than it was for the same period in 2019. The median, at $8,832,500, was 210% higher than it was in January last year. Having just come off a year where the median price declined, this median price is encouraging as it is 47% higher than the median for 2019.

Menlo Park

• 12 homes closed escrow; only 1 was listed for sale this year.
• No single-family homes have closed escrow in February, as of Feb. 12.
• 19 homes went into contract, 15 of which were listed for sale this year.
• 18 additional homes were listed for sale and are still active.
• New listings this year range from $1,099,000 to $6,788,000.

While there were only 12 sales in January, the reported median price was significantly higher than it was for the same period in 2019. The median, at $2,675,000, was 43% higher than it was in January last year. Having just come off a year where prices declined for the first time since 2009, this median price is encouraging as it is also 11% higher than the median for 2019.

Palo Alto

• 18 homes closed escrow; 3 of which were listed for sale this year.
• 20 homes went into contract, 17 of which were listed for sale this year.
• 24 additional homes were listed for sale and are still active.
• New listings this year range from $1,999,888 to $25,000,000.

While there were only 14 sales in January, the reported median price was significantly higher than it was for the same period in 2019. The median, at $3,535,000, was 30% higher than it was in January last year. Having just come off a year where prices declined for the first time since 2009, this median price is encouraging as it is also 15% higher than the median for 2019.

Los Altos & Los Altos Hills

• 39 new listings this year in Los Altos, 12 of which are 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 range from $2,249,956 to $16,900,000; in Los Altos Hills, prices range from $2,850,000 to $11,988,000.
• 53 single-family homes currently for sale in Los Altos and Los Altos Hills – and the lowest price is $2,088,000.

Sales were steady in Los Altos and Los Altos Hills compared to the same month last year. Year-to-date, the median-price in Los Altos is up 31% from 2019 when it declined for the first time since 2009. In Los Altos Hills, the median price was down 29% from 2019, which also experienced a decline for the first time since 2009.