Six weeks into 2021 and a lot is happening in the real estate world. As we reported to you last month, the home sales were very resilient in 2020, and that strength appears to be continuing.
It is far too soon to tell what this year will bring for the real estate market but suffice it to say, it’s off to a great start. The basics still prevail, and always will – property preparation, excellent marketing on- and off-line, and great negotiations will bring you the best results. Many properties these days are also getting multiple offers, and that indeed takes experience to manage. The highest price is not always the best offer. Do you have questions? We have answers. We offer incredible experience and outstanding results year after year. We would love to talk real estate with you any time – whether buying, selling, or just curious. In the meantime, as we still maneuver through a pandemic, please stay safe and stay well.
Portola Valley
We saw 5 closed escrows in January, 3 of which also went into contract in January; the other 2 homes went into contract late in December. This compares to just one closed escrow in January 2020. Prices were all in the mid-range of our market between $2 million and $3.5 million. The two lowest-priced listings each sold for more than list price. In January, 12 new listings came on the market, far more than just 2 in the same period in 2020. Of these 12 new listings, 3 are in contract now and 3 have already closed escrow. There are a total of 14 homes available for sale with days on market ranging from 18 to 183.
Woodside
We saw 6 closed escrows in January, all of which went into contract last year. This is double the number of closed escrows in January 2020. Prices ranged from below $1 million to $5.4 million and all homes sold for less than list price. In January, 9 new listings came on the market, far more than just 4 in the same period in 2020. Of these 9 new listings, 3 are in contract now and 2 have already closed escrow. There are a total of 25 homes available for sale with days on market ranging from 5 to 456.
Atherton
There were 5 closed escrows in January, all but one of which went into contract last year. Prices ranged from $4.68 million to $10.5 million and all homes sold for less than list price. In January, 15 new listings came on the market, 4 more than in the same period in 2020. Of these 15 new listings, 5 are in contract now and 3 have already closed escrow. There are a total of 23 homes available for sale with days on market ranging from 3 to 427.
Menlo Park
Twenty-one homes closed in January. Prices ranged from $1.03 million to $4.08 million and only 8 homes sold for more than list price. In January, 38 new listings came on the market compared to just 25 in the same period in 2020. Of these 38 new listings, 14 are in contract now and 12 have already closed escrow. There are a total of 47 single-family homes available for sale with days on market ranging from 1 to 213.
Palo Alto
In Palo Alto, 20 homes closed in January. Prices ranged from $2.08 million to $6.35 million and only 7 homes sold for more than list price. In January, 33 new listings came on the market compared to just 29 in the same period in 2020. Of these 33 new listings, 8 are in contract now and 11 have already closed escrow. There are a total of 50 single-family homes available for sale with days on market ranging from 3 to 242.
Los Altos and Los Altos Hills
January sales were slower than expected with just 1 in Los Altos Hills and 13 in Los Altos. Prices in Los Altos ranged from $2.1 million to $6.995 million and 9, or 69%, of the home sold for more than list price. In January, 8 new listings came on the market in Los Altos Hills, 2 of which closed escrow that month. In Los Altos, there were 31 new listings in January; 13 are in contract now and 3 have already closed escrow. In Los Altos Hills, there are a total of 28 homes for sale with days on market ranging from 1 to 402. There are a total of 31 single-family homes available for sale in Los Altos with days on market ranging from 1 to 249.
