We are still in the midst of the pandemic, and in some parts of the country, worse than ever, but life is going on and we all seem to be adjusting the best we can. We are proud of our community and how many masks we see and the respect that we see for one another. Let’s keep it up. In the meantime, in the real estate world we have crossed the half-year mark, which was always kind of a monumental threshold to see what the activity and prices have been and how they compare to previous years. While we know that real estate may not be on everyone’s minds, we are seeing that it’s actually on a lot of people’s minds, particularly as they look for larger spaces for “the new normal,” which may be with us for many more months.

What questions do you have? With a market like this, having information is essential in making good decisions. Please call us any time and let’s review the market in detail, whether you are selling or buying. In the meantime, stay well and be safe.

Portola Valley

Before looking at the half-year stats, it’s important to note the amazing number of Portola Valley homes that closed escrow in June. In fact, at 19 sales, this is the highest monthly number on current records that date back to 2003! Prior to this, the highest monthly number was 16.

In the first half of this year, there were 33 sales compared to 26 in the first half of last year. Prices soared with the average price reaching a record high exceeding $4 million for the first time. And, the median price also reached a record at $3.35 million. The average and median are up 15% and 10%, respectively, since last year. Only 7 homes all year sold over list price, and 5 of them occurred last month, including the most expensive sale in June. It is a market unlike any we have seen in some time. And, inventory is low as there are only 18 homes currently for sale.

Woodside

Eight Woodside homes closed escrow in June. In the past 4 years, rarely does the monthly total reach double-digits; in two other months this year, there were also 8 sales, the highest monthly total since November of last year when it reached 11.

In the first half of this year, there were 37 sales compared to 32 in the first half of last year. Prices soared with the average price reaching a record high exceeding $5.5 million due to the fact that there were 6 homes that sold for $10 million or more. The median price was down from the record high reached in 2018 and down 5% compared to last year.

Atherton

In the first half of this year, there were 32 sales compared to 40 in the first half of last year. Prices soared with the average price reaching a record high exceeding $7.7 million due to the fact that there were 8 homes that sold for more than $13 million. The median price was down just slightly at $7 million.

Menlo Park

A large number of Menlo Park homes closed escrow in June. In fact, at 31 sales, this is the highest monthly number since June of last year when it was 51.

In the first half of this year, there were 108 sales compared to 178 in the first half of last year. The average price reached a record high in the first half at $2,884,892, up 3% from last year. The median for the first half, at $2,568,500, was just slightly lower than the record high reached in 2018. This year, 45 homes sold over list price, or 41%, which is significantly fewer than in years past. Inventory is not particularly low, with 73 single-family homes currently for sale, but there are many buyers in the market and we see this as a very good time to sell.

Palo Alto

Palo Alto also had a large number of homes that closed escrow in June. At 51 sales, and 61 in the previous month, these are some of the highest numbers we have experienced in the past several years.

In the first half of this year, there were 124 sales compared to 165 in the first half of last year. The average price was down to the lowest since 2016, yet it was still over $3.2 million. The median price was also down, yet in excess of $3 million. This year, 58 homes sold over list price, or 47%, which is significantly fewer than in years past. Inventory is not particularly low, with 79 single-family homes currently for sale, but there are many buyers in the market and we see this as a very good time to sell.

Los Altos and Los Altos Hills

Again a large number of Los Altos/Los Altos Hills homes closed escrow in June. At 45 sales, this was the strongest monthly number since July of last year. Prior to this, the monthly numbers this year ranged from 10 to 26 sales.

In the first half of this year, there were 145 sales in Los Altos/Los Altos Hills compared to 167 in the first half of last year. In Los Altos, the average price was down ever so slightly in the first half compared to last year, and is still over $3.4 million. In Los Altos Hills, the average price was up 5% compared to last year. There are currently 34 single-family homes for sale in Los Altos and 23 in Los Altos Hills. We see this as a very good time to sell.