March 2020 Real Estate Update

It is an unprecedented time and a time of great anxiety for many. After years of being in touch with you and keeping you informed, we want to continue doing that. Our service does not end when the going gets tough. We are here for you.

We want to start by saying that we need to send positive energy to so many right now – the politicians (whether you are for them or against them), the healthcare workers, the companies working together to try and solve this, and most importantly to those that are sick. Take care of yourself, your families, and your neighbors. Reach out to someone that might need help or just check in with them and ask how they are. Support our local businesses as they need our patronage now more than ever.

While the shelter-in-place mandate clearly impacts the real estate market, sellers still need to sell and buyers still want to buy. Interest rates have never been lower and we remain bullish on the long-term value of owning a home here. For sellers, we will be conducting business differently. No open houses, no broker tours, but carefully orchestrated showings, first virtually (as can be seen on our web site) and then in-person judiciously observing safe distancing and sanitizing. We appreciate your continued support, welcome your calls and emails, and look forward to continuing our service to you no matter what the circumstances. In the meantime, below is our “normal” update for local real estate markets.

But first, let us start by sharing a current stat from last week that we found encouraging. It was the worst week for the stock market ever, yet in San Mateo County, the number of homes that went into contract from March 9 to 14 was only 5 fewer than in the same period in 2019. And, in Santa Clara County, it was a significant 14 more than in 2019.

We are in uncharted territory so it would not be wise for us to make any kind of prediction. We encourage sellers and buyers to look at the long-term picture of owning a home here and assure you that we will do everything possible to help you, all within the mandates set forth right now.

Stay well and safe everyone!

Portola Valley

In Portola Valley, February sales were light, as is common this time of year. There were just 2 homes that closed escrow, compared to 3 the previous year. The median sales price was down, but with only 2 sales, there is not enough data to consider this as a market indicator for the month. Currently, there are 19 homes for sale in Portola Valley, 10 of which have been on the market for more than 30 days. Only one home has been temporarily withdrawn from the market (but still available to show) since March 1.

Woodside

In Woodside, February sales were about the same as last year at this time. There were 5 homes that closed escrow, compared to 4 the previous year. The median sales price was up a strong 15%, but is down year-to-date by 8% as of the end of February. Currently, there are 30 homes for sale in Woodside. Only 2 homes have been temporarily canceled from the market since March 1.

Atherton

Atherton February sales were stronger than normal for this time of year. There were 8 homes that closed escrow, compared to only 3 the previous year. The median sales price was almost unchanged for the month and was up for the year by 7%. Currently, there are 21 homes for sale in Atherton. Five homes have been temporarily withdrawn or canceled from the market since March 1.

Menlo Park

In Menlo Park, February sales were lighter than normal, as is common this time of year. There were just 11 homes that closed escrow, compared to 18 the previous year. The median sales price was down 2%, but with only 11 sales, there is not enough data to consider this as a market indicator for the month. Currently, there are 26 single-family homes for sale in Menlo Park. Ten homes have been temporarily withdrawn or canceled from the market since March 1.

Palo Alto

Palo Alto February sales were lighter than normal, as is common this time of year. There were 16 homes that closed escrow, the same number as the previous year. The median sales price was up 10%, but with only 16 sales, there is not enough data to consider this as a market indicator for the month. Currently, there are 44 single-family homes for sale in Palo Alto. Ten homes have been temporarily withdrawn or canceled from the market since March 1.

Los Altos & Los Altos Hills

In Los Altos, February sales were stronger with 15 sales compared to 10 in the same month last year. The median sales price was up 2%. In Los Altos Hills, there were 4 sales compared to none in February last year. Currently, there are 23 homes for sale in Los Altos. Thirteen homes have been temporarily withdrawn or canceled from the market since March 1. In Los Altos Hills, there are 20 homes for sale and 7 have been temporarily withdrawn or canceled since March 1.

John Kavanaugh

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