Six weeks into 2023, here’s what’s happening in our local real estate markets.

Across the board, there is too little to see any trends yet. However, the speed at which new listings are selling is an indicator of the considerable demand for homes in our areas. The low inventory favors sellers. It is essential to price a property correctly; if overpriced for the market it will sit for much longer.

For buyers, interest rates are down from the highs last year, which is also encouraging for the market. The year started out with dreadful weather (although great for the drought), which got us off to a slower start and took many out of town for some epic skiing. An old adage in the real estate industry has been that the real estate market doesn’t really take off until after the Super Bowl – a date that started getting pushed out to the second Sunday in February just last year.

We are 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 to get a jump on the spring competition.

Portola Valley

• 4 properties listed last year closed escrow this year, including 2 in which we represented the seller and 1 the buyer.
• 5 new listings came on the market since January 1, between $2.3 million and $7.85 million, and 3 of those are already in contract after just 15 days or less of being on the market. That’s very encouraging news.
• 1 additional home that was listed last year is also under contract.
• There are a total of just 6 homes actively for sale right now.

Woodside

• 3 homes closed escrow, all of which were listed for sale last year.
• Prices ranged from $1,612,500 to $18,150,000.
• 4 homes are in contract and pending sale, 2 of which were just listed this year. List prices range from $2,998,000 to $49,000,000.
• 21 homes are for sale, 11 of which were listed this year.
• New listings this year range from $2,380,000 to $19,800,000.

Atherton

• 3 homes closed escrow; 2 of which were listed for sale last year.
• Prices ranged from $3,300,000 to $25,000,000.
• 7 homes are in contract and pending sale, 3 of which were just listed this year. List prices range from $5,588,000 to $17,988,000.
• 18 homes are for sale, 11 of which were listed this year.
• New listings this year range from $5,250,000 to $49,900,000.

Menlo Park

• 17 homes closed escrow; 7 of which were listed for sale this year.
• Prices ranged from $1 million to $8.9 million
• 11 homes are in contract and pending sale, 9 of which were just listed this year. That’s very encouraging.
• 22 homes are for sale, 15 of which were listed this year.
• New listings this year range from $1,149,000 to $8,500,000.

Palo Alto

• 9 homes closed escrow, only 1 of which was listed this year.
• Prices ranged from $2,201,000 to $10,200,000.
• 19 homes are in contract and pending sale, 12 of which were just listed this year. That’s very encouraging.
• 41 homes are for sale, 32 of which were listed this year.
• New listings this year range from $2,098,000 to $16,800,000.

Los Altos and Los Altos Hills

• 12 homes closed escrow, all of which were listed for sale last year.
• Prices ranged from $4,700,000 to $6,495,000 in Los Altos Hills and $2,650,000 to $5,400,000 in Los Altos.
• 18 homes are in contract and pending sale, 14 of which were just listed this year. List prices range from $2,625,000 to $14,288,000.
• 6 homes are for sale in Los Altos Hills and 13 homes are for sale in Los Altos.
• New listings this year range from $2,688,000 to $19,995,000.