There is too little data on real estate sales so far this year to see any market trends emerge. However, the speed at which new listings are selling is an indicator of the considerable demand for Portola Valley. The low inventory favors sellers. It is essential to price a property correctly; if overpriced for the market it will sit for much longer.
We are seeing a lot of buyer activity in all areas. There seems to be a greater sense of urgency as prices are expected to rise (buyers want to get in now) and interest rates are expected to fall (leading to more buyers in the market and thus more competition). We are seeing well-attended open houses and know that there are many homes being sold with multiple offers and for more than list price (particularly in the “lower end” of the markets).
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. As always, we are ready to assist you with any of your real estate needs. Call, text, or email us any time.
Six weeks into 2024, and here's what's happening in our local real estate markets:
Portola Valley
- 9 homes have been listed this year; 4 of those are being privately marketed and not publicly advertised (one call to us and we can provide you with all the details)
- Of those 9 homes, 3 are already in contract and 2 have already closed escrow
- An additional 5 homes, that were listed last year, are also in contract
- A $40 million home came on the market; this home was on the market last year and is being newly listed this year with another agent
- There are a total of just 10 homes for sale right now
Woodside
15 homes have been listed this year; 3 of those are being privately marketed and not publicly advertised (one call to us and we can provide you with all the details)
Of those 15 homes, 2 are already in contract and 1 has already closed escrow
There is 1 additional home, that was listed last year, that is also in contract
There are a total of 27 homes for sale right now ranging from $1,299,000 to $110,000,000
Atherton
13 homes have been listed this year; 3 of those are being privately marketed and not publicly advertised (one call to us and we can provide you with all the details)
Of those 13 homes, 1 is already in contract and none have closed escrow yet
An additional 2 homes, that were listed last year, are also in contract
There are a total of just 16 homes for sale right now ranging from $3,700,000 to $32,000,000
Menlo Park
45 homes have been listed this year; 8 of those are being privately marketed and not publicly advertised (one call to us and we can provide you with all the details)
Of those 45 homes, 11 are already in contract and 5 have already closed escrow
An additional 7 homes, that were listed last year, are also in contract
There are a total of just 33 homes for sale right now ranging from $1,149,000 to $10,500,000
Palo Alto
43 homes have been listed this year; 6 of those are being privately marketed and not publicly advertised (one call to us and we can provide you with all the details)
Of those 43 homes, 11 are already in contract and 11 have already closed escrow
An additional 4 homes, that were listed last year, are also in contract
There are a total of just 31 homes for sale right now ranging from $1,625,000 to $15,950,000
Los Altos and Los Altos Hills
- 26 homes have been listed this year in Los Altos, 6 of which are already in contract and 4 that have already closed escrow
- 12 homes have been listed this year in Los Altos Hills, 3 of which are already in contract and 2 that have already closed escrow
- There are just 17 single-family homes for sale in Los Altos (6 that are being privately marketed and we can provide you details on these)
- There are 15 homes for sale in Los Altos Hills (8 that are being privately marketed)
