As we approach the end of the first quarter (where has the time gone!), we are seeing mixed real estate reviews around the Peninsula with fewer sales in some communities and fewer number of homes selling for more than list price. Homes under $2 million in any city continue to be in high demand, while high-end homes are staying on the market longer. While many local markets indicate show a slight cooling from the multiple-offer frenzy we witnessed in recent years, it’s too early to call this a trend. But is certainly something to keep our eye on to better determine demand. Stay tuned to this monthly blogpost for updates. Check out the individual cities and towns below for more specifics.

We also anticipate inventory to increase as we move into spring. Now is the time to act before the competition heats up if you are considering selling and, if you are a buyer, this could be an excellent opportunity. It would be our pleasure to represent you.

Portola Valley

The median sales price in the first 2 months of the year reached $5,650,000 – a significant 64% increase compared to 2018. Only 3 homes closed escrow in this time frame (there were no sales in January) and prices ranged from $2,420,000 to $7,800,000. None of the sales were for more than list price. Currently, there are 13 homes for sale in Portola Valley, 7 of which have been on the market for more than 30 days.

Woodside

The median sales price in the first 2 months of the year reached $3,950,000 – a significant 27% increase compared to 2018. Only 5 homes closed escrow in this time frame (compared to 10 in the first 2 months of 2018) and prices ranged from $1,900,000 to $14,250,000. In February, 2 of the 3 sales were for more than list price, including the highest priced sale; this is encouraging for Woodside as it is not the case in some neighboring cities. Inventory is fairly high with 25 homes currently for sale in Woodside, 15 of which have been on the market for more than 30 days. The range of price is wide – from $699,000 to $29,900,000.

Atherton

The median sales price in the first 2 months of the year was $6,249,000 – a decline of 26% compared to the first two months of 2018. Only 5 homes closed escrow in this time frame (there were just 2 sales in January) and prices ranged from $2,825,000 to $14,600,000. Two of the homes, the lowest priced ones, sold for more than list price, which signifies a slight cooling from the multiple-offer frenzy we witnessed in recent years that spanned all price levels. Currently, there are 21 homes for sale in Atherton, 16 of which have been on the market for more than 30 days.

Menlo Park

The median sales price in the first 2 months of the year was $2,500,000 – a 13% decline compared to 2018. 29 homes closed escrow in this time frame (compared to 28 in the same period in 2018) and prices ranged from $790,000 to $4,200,000. In February, 7 of the 17 sales were for more than list price. Inventory is high with 51 single-family homes currently for sale in Menlo Park, 19 of which have been on the market for more than 30 days.

Palo Alto

The median sales price in the first 2 months of the year was $2,734,000 – a 15% decline compared to 2018. Thirty-four homes closed escrow in this time frame (compared to 29 in the same period in 2018) and prices ranged from $1,850,000 to $6,800,000. In February, 7 of the 15 sales were for more than list price. Inventory is high with 39 single-family homes currently for sale in Palo Alto, 22 of which have been on the market for more than 30 days.

Los Altos

The median sales price in the first 2 months of the year was $3,112,500 – a 9% decline compared to 2018. Only 18 homes closed escrow in this time frame (compared to 29 in the same period in 2018) and prices ranged from $1,850,000 to $6,800,000. In February, 8 of the 10 sales were for more than list price, which continues the multiple-offer frenzy we have witnessed in recent years. Inventory is fairly high in Los Altos with 33 single-family homes currently for sale, 14 of which have been on the market for more than 30 days.

Los Altos Hills

There were no sales in February and just 2 in January putting the median sales price in the first 2 months at $4,600,000 – a 16% decline compared to 2018. There are 21 homes for sale, 17 of which have been on the market for more than 30 days.