We hope this note finds you and your loved ones healthy and in good spirits as we all continue to shelter in place. While our new normal in real estate continues, a fairly significant change was announced at the end of April. Effective May 4, occupied homes may now be shown to no more than 2 people at one time as long as the occupant is not home. Of course, all safety measures must be in place as well (gloves, masks, 6-foot distance, etc.). Prior to this change, only vacant homes could be shown. We have already seen sales pick up since this announcement, see below for specifics on the individual cities and towns. We anticipate sales will continue to pick up.
If you need to sell, or need to buy, we are here for you. We continue to advise sellers and buyers to look at the long-term picture of owning a home here. We assure you that we will do everything possible to help you, all within the mandates set forth right now. Stay well and safe everyone and reach out to us with any questions at all.
Portola Valley
Here in Portola Valley, only 4 homes went into contract in all of April. In just 14 days since the new ruling, 3 homes went into contract. There were 3 homes that closed escrow in April, the same number as in April of last year. One of these homes (our listing) went into contract after the shelter-in-place order. Year-to-date, the median price is still in excess of $3 million although it is down 8% compared to the same period last year. Currently, there are 20 homes for sale in Portola Valley, 8 of which came on the market since the shelter in place order on March 17. To-date, as of May 17, 11 homes have gone into contract in Portola Valley since March 17.
Woodside
In Woodside, 5 homes went into contract in all of April. In just 14 days since the new ruling, 7 homes went into contract. Five homes closed escrow in April, just 2 fewer than in April of last year. Year-to-date, the number of sales is higher than last year and the median price is down 6% but still above $3 million. Currently, there are 27 homes for sale in Woodside, 10 of which came on the market since the shelter in place order on March 17. To-date, as of May 17, 14 homes have gone into contract in Woodside since March 17.
Atherton
Only 1 home went into contract in all of April. In just 14 days since the new ruling, 2 homes went into contract. The 1 home that closed escrow in April was significantly fewer than the 5 sales in April of last year. This home was listed in February and went into contract in 5 days. Year-to-date, the number of sales (per the Multiple Listing Service) is the same as last year and the median price is up 5%. Currently, there are 28 homes for sale in Atherton, 12 of which came on the market since the shelter in place order on March 17. To-date, as of May 17, only 3 homes have gone into contract in Atherton since March 17.
Menlo Park
Eleven single-family homes went into contract in all of April. In just 14 days since the new ruling, 6 homes went into contract. There were 15 single-family homes that closed escrow in April, significantly fewer than the 31 sales in April of last year. Only two of these went into contract after the shelter-in-place order. While the median price for the month was down slightly, year-to-date, the median price is up 2%. Currently, there are 47 single-family homes for sale in Menlo Park, 37 of which came on the market since the shelter in place order on March 17. To-date, as of May 17, 29 single-family homes have gone into contract in Menlo Park since March 17.
Palo Alto
Nineteen single-family homes went into contract in all of April. In just 14 days since the new ruling, 14 homes went into contract. There were 18 single-family homes that closed escrow in April, significantly fewer than the 38 sales in April of last year. Seven of these went into contract after the shelter-in-place order. While the median price for the month was down, year-to-date, the median price is up 5% and in excess of $3 million. Currently, there are 71 single-family homes for sale in Palo Alto, 49 of which came on the market since the shelter in place order on March 17. To-date, as of May 17, 38 single-family homes have gone into contract in Palo Alto since March 17.
Los Altos and Los Altos Hills
In Los Altos, 13 single-family homes went into contract in all of April. In just 14 days since the new ruling, 7 homes went into contract. There were 17 homes that closed escrow in April, significantly fewer than the 30 in April of last year. Year-to-date, the number of sales is down 19% but the median price has not changed. In Los Altos Hills, 6 homes closed escrow in April, the same number as in April of last year. Year-to-date, the number of sales is substantially more than last year but the median price is down to $4 million, compared to $5 million the previous year. Currently, there are 44 homes for sale in Los Altos, 35 of which came on the market since the shelter in place order on March 17. In Los Altos Hills, there are 21 homes for sale, 6 of which came on the market since March 17.