Prices keep going up and up. The chief economist, Lawrence Yun, at the National Association of Realtors reported this month, 

“Astonishingly, greater than 90% of the country’s metro areas experienced home price growth despite facing the highest mortgage rates in two decades. In the current market, rising prices are the direct result of insufficient housing supply not meeting the full demand.” This has certainly been the case here. There just are not enough homes for sale. The report went on to say, “The expensive markets in the West, where home prices declined last year, are roaring back. Price dips in that region were viewed as second-chance opportunities by many buyers."

Check out the specifics on each of the cities and towns below. As always, if you would like to talk about buying or selling, please contact us at any time. It would be our pleasure to represent you.

Portola Valley

In April, 4 of the 7 homes sold over list price, including the 3 most expensive sales. All but one sale occurred in 12 days or less of being on the market. Already this year there are more than twice as many sales as there were last year at this time. There are just 18 homes for sale right now and 8 of those have been on the market for 30 days or more. 

Woodside

Home sales are up 67% year-to-date compared to the same period last year. The median price is up 21%. Two sales last month were over list price and there was one sale for more than $10 million. There are 29 homes for sale right now and 20 of those have been on the market for 30 days or more. 

Atherton

There were twice as many sales in April than there were in April of last year. Half of the homes sold in April were for more than list price. All but two sales occurred in 18 days or less of being on the market. There are 31 homes for sale right now and 22 of those have been on the market for 30 days or more. 

Menlo Park

There were 26 single-family home sales in April compared to 16 in April of last year. 15 of the homes sold for more than list price. Only 6 took longer than 3 weeks of being on the market before they sold. Year-to-date, the number of sales is up 22%, however the median price is down. There are 37 homes for sale right now and 22 of those have been on the market for 30 days or more. 

Palo Alto

There were 44 single-family home sales in April compared to 27 in April of last year. All but 10 of those homes sold for more than list price. Only 5 took longer than 3 weeks of being on the market before they sold. Year-to-date, the number of sales is up 29%, and the median price is up 9%. There are 54 homes for sale right now and 20 of those have been on the market for 30 days or more.

Los Altos and Los Altos Hills

There were 27 single-family home sales in April compared to 14 in April of last year. All but 9 of those homes sold for more than list price. Only 2 took longer than 3 weeks of being on the market before they sold. Year-to-date, the number of sales is up 29%, and the median price is up 12%. There are 26 single-family homes for sale right now in Los Altos and 24 homes for sale in Los Altos Hills.