The summer season is upon us and it’s truly starting to feel like change is in the air. There is light at the end of the tunnel, and it feels great to be outside without a mask and to see smiles again that have been hidden for so long. How we have missed seeing those smiles! We continue to hope you all are well and that we all stay well.

This month, we want to look at neighboring real estate markets as well as your own town to give you a fuller picture of the market. One of the things that particularly stands out right now to us is the number of homes that are selling over list price. Here’s how many sold over list price just in May:

• Portola Valley: 3 out of 7; 43%
• Woodside: 5 out of 12; 42%
• Atherton: 2 out of 11; 18%
• Menlo Park: 42 out of 60; 70%
• Palo Alto: 31 out of 47; 66%
• Los Altos: 36 out of 43; 84%
• Los Altos Hills: 6 out of 17; 35%

  Generally, those selling over list are priced under $3 million but that is certainly not the only case. For instance, a Los Altos home listed at $4,995,000 sold for $6,250,000 and a Woodside home listed at $4,995,000 sold for $5,900,000. Great for sellers, tougher for buyers. Putting together a winning offer takes skill these days and great working relationships with other agents – both of which we have.

The good news is that home prices may be skyrocketing but there doesn’t appear to be a bubble on the horizon. This was cited in a recent report from Urban Land Institute based on a survey of 42 real estate economists and analysts. Overall, the report painted an optimistic picture of the near future. As always, we invite you to call or email us with any questions about the market, about your home, or just to catch up. Happy summer!