It was a mixed market for our local communities in 2022, but our outlook for 2023 remains bullish on real estate. We do, however, expect a more level market reflective of pre-pandemic conditions and not the pace of the last two years. While interest rates are up and the economy is fluctuating, real estate buying and selling is more often a result of life changes and that will continue in 2023. Across the board, inventory remains low, making this an excellent time for those thinking to sell.

If you are thinking about buying or selling in 2023, it would be our pleasure to represent you. If you have any questions about real estate, please reach out by phone or email.

Portola Valley

In 2022, Portola Valley had a record-breaking first half of the year and then a significant shift in the second half (although still at a higher average price than 2021). For the year, the number of sales was down a dramatic 46% compared to the all-time high set in 2021. This drop in sales was a common occurrence in all cities on the Peninsula. Also, for the year, the average and median prices in Portola Valley reached significant new highs. The average price exceeded $5 million for the first time and the median price exceeded $4 million for the first time.

In the first half of the year, which included 3 sales between $10 million and $25 million, the median price was its highest ever at $4,950,000. In the second half, the median price declined to $3,775,000, which was 8% higher than the average price in 2021. The number of sales was split evenly between the two halves.

Homes sold faster than ever last year, per records dating back to 2006, with a median days on market of just 10. The first half of the year median was 9 days on market and for the second half of the year it was 12 days.

As this goes out, there are only 6 homes actively for sale.

Woodside

It was a great market in Woodside in 2022 with a record-high median price for the year and in each half. In all neighboring cities, the second half price was significantly lower than the first half, and in some cases even lower than in 2021. In the first half of the year, the median price was $4,206,000, 12% higher than in 2021. In the second half, the median price increased to a record of $5,350,000, which was 43% higher than in 2021.

For the year, the number of sales was down a significant 45% compared to the all-time high set in 2021. This drop in sales was a common occurrence in all cities on the Peninsula. Unlike other cities, home sales were fairly equal throughout the year; there were 37 sales in the first half and then 34 sales in the second half.

Homes sold faster than ever, per records dating back to 2006, with a median days on market of just 13. The first half of the year median was 9 days on market and for the second half of the year it was 19 days.

There are just 19 homes actively for sale presently.

Atherton

In the first half of the year, the median price was $7,900,000. In the second half, the median price declined to $7,000,000, which was 12% lower than in 2021.

For the year, the number of sales was down 29% compared to the 104 sales in 2021 (the record-high was 105 in 2013). This drop in sales was a common occurrence in all cities on the Peninsula. There were 43 sales in the first half and then 31 sales in the second half.

Homes sold faster than ever, per records dating back to 2006, with a median days on market of just 9. The first half of the year was 9 days on market and the second half of the year was 16 days.

There are just 19 homes actively for sale.

Menlo Park

In the first half of the year, the median price was its highest ever at $3,325,000. In the second half, the median price declined to $2,870,000, which was 11% lower than in 2021.

For the year, the number of sales was down a dramatic 39% compared to the all-time high set in 2021. This drop in sales was a common occurrence in all cities on the Peninsula. There were 162 sales in the first half and then 137 sales in the second half.

Homes sold as fast as they did in 2021 and these were the only two years to have been this low, per records dating back to 2006, with a median days on market of just 9. The first half of the year was 8 days on market and the second half of the year was 12 days

There are only 19 single-family homes actively for sale in Menlo Park.

Palo Alto

In the first half of the year, the median price was its highest ever at $3,960,000. In the second half, the median price declined to $3,315,000, which was 7% lower than in 2021.

For the year, the number of sales was down a significant 34% compared to the all-time high set in 2021. This drop in sales was a common occurrence in all cities on the Peninsula. There were 204 sales in the first half and then 154 sales in the second half.

Homes sold very fast with a median days on market of just 9. The first half of the year was 8 days on market and the second half of the year was 12 days.

There are 31 single-family homes actively for sale.

Los Altos and Los Altos Hills

It was a mixed market in Los Altos in 2022 with a record-breaking median price in the first half of the year and then a significant shift in the second half. In the first half of the year, the median price was its highest ever at $4,400,000. In the second half, the median price declined to $3,860,000, which was 6% lower than in 2021.

The same held true in Los Altos Hills. In the first half of the year, the median price was its highest ever at $5,965,000. In the second half, the median price declined to $4,955,010, which was 4% lower than in 2021.

For the year, the number of sales was down 32% in Los Altos and 41% in Los Altos Hills. This drop in sales was a common occurrence in all cities on the Peninsula.

Homes sold faster than ever in Los Altos with a median days on market of just 8 and just 9 in Los Altos Hills. In both cities, homes took longer to sell in the second half of the year.

As this goes out, there are only 7 single-family homes actively for sale in Los Altos and 9 homes in Los Altos Hills.