Despite the pandemic, the local real estate market was strong in 2020. Properties with land, outdoor living spaces, and plenty of room for work-from-home and distance learning were all in demand.
Our outlook for 2021 remains bullish on real estate on the Peninsula as people continue to decide what their new normal is and where they will live and work. The strength of the stock market and continuing historic low interest rates are also fueling the market, despite the ongoing pandemic. If you have been thinking about buying or selling in 2021, it would be our pleasure to represent you. If you have any questions about local real estate, please reach out by phone or email.
Check out the details below for individual cities and towns. For stats on Portola Valley, check out: A Look Back at 2020.
Woodside
For the year 2020, the median price for a home (on the Multiple Listing Service) in Woodside increased 12% to $2,850,000 yet did not exceed the record high set in 2018. The average price did reach a record high at $4,855,976 representing a 32% increase. The number of sales for the year rose dramatically from 65 in 2019 to 81 in 2020. Homes sold more quickly as well with half of the homes selling in 27 days or less, compared to 32 days last year. In December, sales were strong with 9 closed escrows, compared to 7 the year before. Three homes sold for more than list price and 3 homes sold for more than $5 million. For the year, 8 homes sold for $10 million to $22.5 million.
Atherton
For the year 2020, the median price for a home (on the Multiple Listing Service) in Atherton increased 6% to $6,350,000, yet did not exceed the record high set in 2018. The average price however declined by 10% to $7,897,835. In 3 of the past 5 years, the average has exceeded $8 million. The number of sales for the year rose dramatically from 65 in 2019 to 85 in 2020. Homes sold much more quickly as well with half of the homes selling in 20 days or less, compared to 35 days last year. In December, sales were surprisingly strong with 7 closed escrows, compared to just 3 the year before. Only one home sold for more than list price and one home sold for more than $12 million. For the year, there were 23 sales in excess of $10 million.
Menlo Park
For the year 2020, the median price for a single-family home in Menlo Park increased 8% and the average price reached a record high at $2,976,381 – a 7% increase compared to 2019. This is appreciation of more than double since 2012. The number of sales was down 15% and demand was strong with half of the homes selling in just 9 days or less. In December, sales were surprisingly strong with 28 closed escrows compared to 25 in the previous year. Nine of the homes sold for more than list price, including 3 sales in excess of $4 million. One home in Sharon Heights sold for $6.4 million.
Palo Alto
For the year 2020, the median price for a single-family home in Palo Alto did decline a slight 3% to $3 million, while the average price of $3,481,848 was just about the same as last year. This is appreciation of more than double since 2012. The number of sales was up 6% and demand was strong with half of the homes selling in just 10 days or less. In December, sales were surprisingly strong with 29 closed escrows. Thirteen of the homes sold for more than list price and one home sold for more than $15 million. For the year, there were 5 sales between $15 million and $20 million.
Los Altos and Los Altos Hills
For the year 2020 in Los Altos, the median and average price for a single-family home increased slightly but neither reached the record high set in 2018. In Los Altos Hills, the average price was up for the year (but not near the record set in 2018) and the median price was down slightly. There was a dramatic increase (90%) in the number of sales in Los Altos Hills but no change in Los Altos. This supports the fact that so many buyers were looking for land and more outdoor space. In December, sales were strong with 29 closed escrows in Los Altos and 10 in Los Altos Hills. Nineteen homes sold for more than list price, including the 2 most expensive sales between $7 million and $8 million. For the year, 15 homes sold for $6 million to $8.5 million in Los Altos and 7 homes in Los Altos Hills sold for $8.1 million to $12.74 million.