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Check out what happened last month in our local real estate markets.
Portola Valley
In the first half of the year, Portola Valley's real estate market saw fewer high-end sales, resulting in a drop in average price. The average home price during this period was $4,056,217, a 38% decline compared to last year's average for the same period, which was influenced by a $25 million home sale. The average price was down 24% compared to all of last year when the average was $5,341,106.
There were 26 sales in total, with 18 below $4 million, also a contributing factor to the lower average price. In comparison, last year there were 30 sales in the first half; the lower number of sales this year was due to the fewer number of homes available for sale. Homes took longer to sell than in previous pandemic years; 11 homes (42%) sold in less than 3 weeks, which is an indication of demand.
Currently, there are only 13 homes for sale on the Multiple Listing Service, priced between $1,098,000 and $42,900,000. All but one home have been on the market for over 45 days.
Woodside
In the first half of the year, Woodside’s real estate market was very strong, particularly in the high end, resulting in an increase in average price. The average home price during this period was $7,140,855, a 22% increase compared to the same period last year. The average price was up 20% compared to all of last year when the average was $5,941,255.
There were 31 sales in the first half, with 5 between $15.8 million and $44.5 million contributing to the increase. In comparison, last year there were 37 sales in the first half; the lower number of sales this year was due to the fewer number of homes available for sale. Homes took longer to sell than in the previous pandemic years; 14 homes (45%) sold in less than 3 weeks, which is an indication of demand.
Currently, there are 29 homes publicly for sale on the Multiple Listing Service, priced between $1,350,000 and $38,000,000. All but 7 homes have been on the market for more than 3 weeks.
Atherton
In the first half of the year, Atherton’s real estate market was very strong, particularly in the high end, resulting in an increase in average price. The average home price during this period (per sales reported on the Multiple Listing Service only) was $9,717,337, a 2% increase compared to the same period last year. The average price was up 3% compared to all of last year when the average was $9,459,604.
There were 38 sales in the first half, with 15 between $10.5 million and $25 million contributing to the increase. In comparison, last year there were 43 sales in the first half; the lower number of sales this year was due to the fewer number of homes available for sale. Homes took substantially longer to sell than in the previous pandemic years.
Currently, there are 23 homes publicly for sale on the Multiple Listing Service, priced between $3,700,000 and $49,900,000. All but 3 homes have been on the market for more than 3 weeks.
Menlo Park
In the first half of the year, Menlo Park’s real estate market was strong, resulting in a slight increase in average price. The average single-family home price during this period was $3,678,652, a 1% increase compared to the same period last year. The average price was up 6% compared to all of last year when the average was $3,463,617.
There were 126 sales in the first half, with 9 between $7.3 million and $8.9 million contributing to the increase in average price. In comparison, last year there were 162 sales in the first half; the lower number of sales this year was due to the fewer number of homes available for sale. Homes took longer to sell than in the previous pandemic years; 87 homes (69%) sold in less than 3 weeks, which is a clear indication of demand.
Currently, there are 45 single-family homes publicly for sale on the Multiple Listing Service, priced between $1,149,000 and $13,950,000. All but 11 homes have been on the market for more than 3 weeks.
Palo Alto
In the first half of the year, Palo Alto’s real estate market saw fewer high-end sales, resulting in a decline in average price. The average home price during this period was $3,904,834, a 9% decrease compared to the same period last year. The average price was down 3% compared to all of last year when the average was $4,020,013.
There were 167 sales in the first half, with only 3 for $10 million or more. In comparison, last year there were 204 sales in the first half; the lower number of sales this year was due to the fewer number of homes available for sale. Homes took longer to sell than in the previous pandemic years; 115 homes (69%) sold in less than 3 weeks, which is a clear indication of demand.
Currently, there are 53 single-family homes publicly for sale on the Multiple Listing Service, priced between $1,899,000 and $53,900,000. All but 21 homes have been on the market for more than 3 weeks.
Los Altos and Los Altos Hills
In the first half of the year, the Los Altos real estate market saw fewer high-end sales, resulting in a decline in average price. The average home price during this period was $4,352,320, a 9% decrease compared to the same period last year and just 1% decrease compared to all of last year. There were 103 sales in the first half with 5 sales from $8.4 million to $13 million. In comparison, last year there were 121 sales in the first half; the lower number of sales this year was due to the fewer number of homes available for sale.
In Los Altos Hills, the average price in the first half was $6,084,411, a 9% decline from the first half of last year and just a 2% decrease compared to all of last year. There were only 28 sales in the first half, with just one sale for more than $10 million. In comparison, last year there were 42 sales in the first half; the lower number of sales this year was due to the fewer number of homes available for sale.
Currently, there are just 21 single-family homes publicly for sale on the Multiple Listing Service in Los Altos, priced between $2,398,000 and $8,880,000, and 13 homes in Los Altos Hills priced between $2,880,000 and $18,500,000.