With so few homes for sale and so many buyers in the market, we expect prices to continue to remain strong. The main thing holding the market back right now is very few new listings.

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.

See below for the local real estate highlights.

Portola Valley

• 2 homes have gone into contract this year….. one that was listed for, and sold for, $25 million.
• A home on Golden Hills Drive sold off market for $7,695,000.
• There are no homes currently under contract.
• Inventory of homes for sale is at record lows.

The prices statistics this month are a bit misleading due to the sale at $25 million, which brought the average up significantly, along with the fact that 5 of the 6 sales were for $5 million or more – a steep increase compared to last year.

Woodside

• There have been 11 new listings this year; 7 have already gone into contract
• Sales currently under contract are homes listed for less than $4.3 million.
• A new listing came on the market in February for $110 million
• There are 17 homes currently for sale; 11 of these have been on the market for more than 117 days.
• Prices are encouraging compared to last year, but the number of sales is limited so it is too early to say it is a trend.

Atherton

• There have been 16 new listings this year on the MLS; 9 have already gone into contract and/or closed escrow.
• 4 of those homes in contract or closed already were listed between $10 million and $20 million.
• There are 11 homes currently for sale; all, but one, are listed for more than $10 million; 5 have been on the market for more than 100 days.
• Homes listed this year are selling very quickly; all but 2 in less than 3 weeks.
• Prices are encouraging due to the large number of high-end sales.

Menlo Park

• There have been 56 new listings this year on the MLS; 34 have already gone into contract and/or closed escrow.
• 10 of those homes in contract or closed already were over $4 million.
• There are 23 homes currently for sale, ranging from $1.1 million to $7.2 million.
• There are just 8 homes that have been on the market for more than 3 weeks.
• Prices are encouraging due to the large number of high-end sales.

Palo Alto

• There have been 61 new listings this year on the MLS; 49 have already gone into contract and/or closed escrow.
• One home listed and sold this year for more than $13 million.
• There are 21 homes currently for sale, ranging from $2.3 million to $16.8 million.
• 6 homes have been on the market for more than 100 days, but most homes are selling very quickly.
• Prices are encouraging due to the large number of sales over $4 million.

Los Altos and Los Altos Hills

• 34 new listings this year in Los Altos, 24 of which are already in contract or have closed escrow. In Los Altos Hills, 13 new listings, 5 of which are in contract or have closed escrow.
• New listings this year in Los Altos Hills range from $3.8 million to $21 million and in Los Altos, prices range from $2.1 million to $12 million.
• 11 homes currently for sale in Los Altos and 11 in Los Altos Hills.
• Prices are up in both cities.
• Based on how quickly homes are selling, and how many are selling over list price, we expect prices to remain strong.