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July 2019 Real Estate Update

The numbers are in for the first half of 2019, check out each of the cities and town below for more details.

We have the experience and knowledge to best represent you if you are considering buying or selling a home. It would be our pleasure to be your real estate advisors.

Portola Valley

The Portola Valley real estate market reached a record high avearge price in the first half of 2019. The average price increased 13% to $$3,887,231; the median price was down less than 1%. Of the 26 sales, 6 sold for more than list price. The highest end of the market saw 3 sales between $7 million and $10 million. The majority of homes sold in the first half, 46%, sold between $3 million and $5 million. There were 3 homes that took more than 100 days to sell, putting the average days on market at the highest in 6 years; the median days on market was 19, the highest since 2011. Currently 6 homes are pending sale and there are just 11 homes for sale, all of which have been on the market for 3 weeks or more.

Woodside

The Woodside average sales price declined in the first half from last year’s record high, falling 18% to $3,643,725. The median price was down 10% at $2,932,500. Of the 32 sales in the first half, only 6 sold for more than list price. The highest end of the market saw 4 sales between $7 million and $14.25 million. There were 11 homes that sold for less than $2 million. Six homes took more than 3 months to sell, but half of the homes sold in 23 days or less. Currently just 3 homes are pending sale and there are 34 homes for sale, 15 of which have been on the market for more than 100 days.

Atherton

The average sales price in Atherton reached a record high in the first half of 2019, increasing by 15% to $9,597,182. The median price also reached a record high, increasing 7% to $7,100,000. Of the 32 sales in the first half, 9 sold for more than list price. The highest end of the market saw 5 sales over $20 million and 11 sales over $10 million. Most homes, 59%, took more than 30 days to sell putting the median days on market of 39 close to the record high in 2016 when it reached 40 days.Currently just 2 homes are pending sale and there are 26 homes for sale, all but 2 of which have been on the market for more than 30 days.

Menlo Park

The average sales price for a single-family home in Menlo Park held steady in the first half with the record high that was reached last year. The decline was just $4,000. The median price was down 4% at $2,500,000. Of the 178 single-family home sales in the first half, 97 sold for more than list price, a clear indication of strong demand. The highest end of the market saw 4 sales over $7 million. The majority of homes sold in the first half, 30%, sold in the $2 million price range. Eight homes took more than 3 months to sell, but half of the homes sold in 13 days or less. Currently 23 homes are pending sale and there are 46 homes for sale, 28 of which have been on the market for more than 30 days.

Palo Alto

The Palo Alto single-family home average sales price declined in the first half from last year’s record high, falling 8% to $3,488,320. The median price was down 4% at $3,087,500. Of the 166 single-family home sales in the first half, 85 sold for more than list price, a clear indication of demand. The highest end of the market saw 5 sales between $7.3 million and $13 million. There were only 5 homes that sold for less than $2 million. 35 homes took more than 30 days to sell, but half of the homes sold in 10 days or less. Currently 20 homes are pending sale and there are 53 homes for sale, 32 of which have been on the market for more than 30 days.

Los Altos

The Los Altos single-family home average sales price declined just slightly from last year’s record high, down 2% to $3,588,452. The median price was down 3% at $3,300,000. Of the 145 single-family home sales in the first half, 83 sold for more than list price, a clear indication of demand. The highest end of the market saw 5 sales for $7 million or more. There were no sales for less than $2 million. Only 24 homes took more than 30 days to sell, and half of the homes sold in 10 days or less. Currently 31 homes are pending sale and there are 35 homes for sale, 21 of which have been on the market for more than 30 days.

Los Altos Hills

The Los Altos Hills average sales price declined in the first half from last year’s record high, falling 3% to $4,924,725. The median price was down 7% at $4,500,000. Of the 23 home sales in the first half, only 6 sold for more than list price. The highest end of the market saw 5 sales over $6 million. There were only 2 homes that sold for less than $2 million. 9homes took more than 30 days to sell, and half of the homes sold in 16 days or less. Currently 5 homes are pending sale and there are 25 homes for sale, 17 of which have been on the market for more than 30 days.

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