June 2020 Real Estate Update

As we write this, it is day 96 of Shelter-in-Place. We have accomplished a lot together, but we must stay vigilant and not let our guard down. The real estate market has become a flurry of activity, yet we can’t lose sight of so many who are still out of work and of all those first responders who continue to work so hard to keep us safe.

So what has caused this flurry of activity? As we reported last month, all homes may now be shown in person, so that certainly caused activity to pick up. It’s also pent-up demand. Sellers who have lifestyle changes and buyers who in many cases realize they just need more space for this new lifestyle of working from home and perhaps continued home schooling. Here are a few things we’re hearing that are becoming important to buyers:

Hands-free everything (faucets, doors, keyless entries, trashcans)
More sinks (for handwashing of course)
Smart toilets and bidets (the great American toilet-paper shortage)
Better and bigger yards (along with space for vegetable gardens)
Dedicated workspaces (Zoom zones, and overall just more space)
Food storage space (larger pantries and Costco rooms)
A shift to the suburbs (away from living so close to one another)

This information below gives you a quick update on the market. To make decisions though, you need much more information. That’s where our experience cannot be beat. Please call us any time and let’s review the market in detail, whether you are selling or buying. Stay well and be safe.

Portola Valley

This month, we’re taking a look at how many homes went into contract in May, which was 11 in Portola Valley. This compares to 8 in May 2019. That’s a significant increase. There are currently 22 homes for sale, 7 of which came on the market in the last 2 weeks.

Woodside

Thirteen homes went into contract in May in Woodside. This compares to 8 in May 2019. That’s a significant increase. There are currently 30 homes for sale, 3 of which came on the market in the last 2 weeks.

Atherton

Seven homes went into contract in May, compared to 9 in May 2019. Not much of a change. There are currently 30 homes for sale, 6 of which came on the market in the last 2 weeks.

Menlo Park

In Menlo Park, 33 homes went into contract compared to 53 in May of last year. That’s a significant decline. There are currently 76 homes for sale, 18 of which came on the market in the last 2 weeks.

Palo Alto

Palo Alto had 34 home go into contract last month, compared to 37 in May 2019. Not much of a change. There are currently 88 homes for sale, 21 of which came on the market in the last 2 weeks.

Los Altos and Los Altos Hills

In May, 43 homes went into contract in Los Altos/Los Altos Hills. This compares to 52 in May of last year. That’s a 17% decline. There are currently 64 homes for sale, 16 of which came on the market in the last 2 weeks.

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