The clocks have been turned back (and 5:00 darkness is upon us), and the end of the year will be here before we know it. Often, at this time of year, the real estate market starts to slow down. But that was not the case for many of our local areas.

Market knowledge, competitive pricing/bidding, and wide-reaching networks are essential for buying and selling homes. And excellent negotiating skills are key for successful results, particularly when multiple offers are involved. These are all things we excel at and just a few of the reasons we continue to represent so many sellers and buyers in Woodside. Even though the holidays are fast approaching, there is no reason to delay either your home search or putting your home on the market. Whether you are buying or selling in this market, it's never too early to start preparing for next year and get a jump on the competition. We can advise you on all of this – just call, text, or email us any time.

Portola Valley

Here in Portola Valley, that was not the case in October. There were 6 sales that closed escrow, twice as many as in September. And, 2 of those sales were for more than list price. All the sales were between $1.9 million and $3.8 million, which contributed to the lower median price, both for the month and year-to-date. The median price this year of $3.1 million is 7% less than last year. However, the average price of $3,714,554 is 8% higher than it was in 2018. This is a result of 6 sales over $6.4 million this year versus just 1 last year.

Woodside

In Woodside, 5 homes closed escrow in October, the most in any month since June. One of those sales was for more than list price. Prices varied widely from $1.65 million to $8.7 million, which contributed to the significantly lower median price monthly and year-to-date, as shown in the chart above. The average price, at $3,753,366, has fared better with a 16% decline since the record high set in 2018.

Menlo Park

In Menlo Park, 28 homes closed escrow in October, the most in any month since June. And, 13 of those sales were for more than list price, including the two most expensive sales. Monthly and year-to-date, the median and average prices are down from last year’s record high. The median price year-to-date is $2,400,000 and the average price is $2,778,821.

Atherton

In October, 11 homes closed escrow, which is by far more than any other month this year. And, 4 of those sales were for more than list price. There were also 4 sales between $9.2 million and $21.75 million, which contributed to an average price that is 5% higher than it was in 2018. The median price this year, of $6 million, is just 2% less than last year.

Palo Alto

In October 31 homes closed escrow in Palo Alto, the most in any month since May. And, 13 of those sales were for more than list price, including the second most expensive sale. With 5 sales for more than $5 million, the median price for the month was up 6% although it is down a slight 3% for the year. The average price $3,521,029, which is 7% less than last year’s record high.

Los Altos

In Los Altos, 33 homes closed escrow in October, the most in any month since July. And, 16 of those sales were for more than list price. The median price monthly and year-to-date is down just slightly from last year.

Los Altos Hills

It was a different story in Los Altos Hills in October with only 1 home that closed escrow, although it was for more than list price. Year-to-date, the median price is down 13% and the average price is down 9% from last year’s record high exceeding $5 million.