As the housing market approaches the end of the first quarter, it continues to be a strong seller’s market. The lack of homes for sale is troubling for buyers, as are the increasing interest rates, although they are still at very attractive levels. This is all great news for sellers.

There is no doubt that home ownership offers great returns over the long term. Is it time for you to move up, downsize, or just try something different? We remain the #1 Agents in Portola Valley year after year and we are here to represent you in any real estate matter – whether buying or selling. Just give us a call.

Check out the specifics on the local real estate markets below. We thought it would be interesting to take a look back 10 years to see what the value of home ownership has been, see the fun facts.

Portola Valley

Sales are down with just 6 homes that closed escrow in the first two months compared to 14 in the same period last year. And, in fact, all 6 of these homes closed escrow in January. Prices are up significantly but it is important to note that one sale for $25 million this year brought both the median and average prices up. The number of homes for sale remains at record lows with just 6 homes actively for sale on the Multiple Listing Service.

FUN FACTS:

• 10 years ago, the average price for a home in Portola Valley was $2,257,757
• At the end of 2021, the average price was $4,038,135
• That’s an average of $488 in appreciation every single day

Woodside

Sales are down with just 7 homes that closed escrow in the first two months compared to 14 in the same period last year. Prices are holding steady compared to the same period last year but, in fact, prices are down compared to all of last year as the majority of the sales this year have been for less than $3.4 million. The number of homes for sale remains at record lows with just 18 homes actively for sale on the Multiple Listing Service, 11 of which have been on the market for more than 150 days.

FUN FACTS:

• 10 years ago, the average price for a home in Woodside was $2,190,184
• At the end of 2021, the average price was $4,927,163
• That’s an average of $750 in appreciation every single day

Atherton

Sales are down just slightly with 9 homes that closed escrow in the first two months compared to 11 in the same period last year. Prices are up significantly because of the number of high-end sales this year. The number of homes for sale remains at record lows with just 16 homes actively for sale on the Multiple Listing Service, half of which have been on the market for more than 30 days.

FUN FACTS:

• 10 years ago, the average price for a home in Atherton was $3,463,452
• At the end of 2021, the average price was $9,668,347
• That’s an average of $1,700 in appreciation every single day

Menlo Park

Sales are down with just 33 single-family homes that closed escrow in the first two months compared to 58 in the same period last year. Prices continued to increase in February and are up a significant 38% year-to-date. The number of homes for sale remains at record lows with just 19 single-family homes actively for sale on the Multiple Listing Service, 6 of which have been on the market for more than 30 days.

FUN FACTS:

• 10 years ago, the average price for a home in Menlo Park was $1,305,987
• At the end of 2021, the average price was $3,273,675
• That’s an average of $539 in appreciation every single day

Palo Alto

Sales are down slightly with 37 homes that closed escrow in the first two months compared to 42 in the same period last year. Prices continued to increase in February and are up a significant 29% year-to-date. The number of homes for sale remains low with just 37 homes actively for sale on the Multiple Listing Service, 9 of which have been on the market for more than 30 days.

FUN FACTS:

• 10 years ago, the average price for a single-family home in Palo Alto was $1,715,129
• At the end of 2021, the average price was $3,916,148
• That’s an average of $603 in appreciation every single day

Los Altos

FUN FACTS:

• 10 years ago, the average price for a single-family home in  was $1,815,571
• At the end of 2021, the average price was $4,288,773
• That’s an average of $678 in appreciation every single day

Los Altos Hills

FUN FACTS:

• 10 years ago, the average price for a single-family home in LOS ALTOS HILLS was $2,666,919
• At the end of 2021, the average price was $5,794,390
• That’s an average of $857 in appreciation every single day