In our update to you we always examine the number of closed escrows in the previous month (which we will continue to provide). However, this month, we are taking a look at the number of pending sales – those homes that have gone into contract but have not yet closed escrow, which could be easily 30 days from the time of ratified contract. This number gives us a good idea of what is happening more currently. Most of the sales reported here went into contract well over 30 days ago. The market is not quite the same as it was 30 days ago, let alone 60 days ago, so this indicator can better tell us how sales are “now.”

Are we seeing a downward trend? It’s too soon to tell, but there is clearly a shift in the market compounded by stock market volatility, inflation fears, rising interest rates, and world events. If you want to sell, or to buy, now is the time for us to be discussing this in detail with you so that you are well informed of what your home is worth today and what your new home may cost.

We have represented many buyers and sellers in the area and have for over 30 years. We are happy to share our advice with you any time. Just give us a call.

Portola Valley

In May, 6 homes went into contract compared to 9 in April and 10 in March. As of June 12, 2 homes have gone into contract in June.

Woodside

In May, 9 homes went into contract compared to 6 in April and 12 in March. As of June 12, 3 homes have gone into contract in June.

Atherton

In May, 10 homes went into contract compared to 8 in April and 10 in March. As of June 12, 7 homes have gone into contract in June.

Menlo Park

In May, 35 single-family homes went into contract compared to 30 in April and 37 in March. As of June 12, 7 homes have gone into contract in June.

Palo Alto

In May, 38 single-family homes went into contract compared to 42 in April and 48 in March. As of June 12, 12 homes have gone into contract in June.

Los Altos

In Los Altos in May, 30 single-family homes went into contract (the highest number this year) compared to 26 in April and 22 in March. As of June 12, 14 homes have gone into contract in June.

Los Altos Hills

In Los Altos Hills in May, 10 homes went into contract compared to 7 in April and 15 in March. As of June 12, 3 homes have gone into contract in June.