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. That hasn't been the case for many of our local markets however, check out the details for each city/town below.
Market knowledge, excellent negotiating skills, and wide-reaching networks are still essential for selling a home in this market for top dollar. These are all things we excel at and just a few of the reasons we continue to represent so many sellers and buyers here and in the surrounding communities. 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 to get a jump on the competition. Please call us any time. We wish you and your family a very Happy Thanksgiving.
Portola Valley
There were 10 sales that closed escrow, and half of those sales were for more than list price – including the 2 most expensive sales. There were no sales for less than $2 million, yet the median price was still lower than it was in October last year. Year-to-date, the median price was down 4%, but still at a strong $3.4 million.
The average price as of the end of October was $3,750,417. In addition to the strong sales, there are also 9 homes that are pending sale with list prices ranging from $2.75 million to $7.2 million. There are only 10 homes actively for sale on the Multiple Listing Service – the fewest we can remember in years (and 3 of those have been on the market for more than 170 days).
Woodside
There were 8 sales that closed escrow, and half of those sales were for more than list price. Prices ranged from $2.42 million to $10.7 million yet the median price was down 10% compared to October of last year. However, year-to-date, the median price was up a significant 29% compared to the same period last year.
The average price as of the end of October was $4,985,955. In addition to the strong sales, there are also 16 homes that are pending sale, including 4 for more than $10 million. There are 30 homes actively for sale on the Multiple Listing Service, 6 of which have been on the market for more than 100 days. 8 homes are listed between $12 million and $135 million.
Atherton
There were 9 sales that closed escrow, and 7 of those sales were for more than list price – including the 3 most expensive sales, which all sold after just 1 day on the market. There were no sales for less than $3.3 million contributing to the 14% higher median sale price at $7,969,000. Year-to-date, the median price was up a significant 20% compared to the same period last year.
The average price as of the end of October was $9,417,952. In addition to the strong sales, there are also 5 homes that are pending sale with list prices ranging from $3.98 million to $6.15 million. There are 28 homes actively for sale on the Multiple Listing Service, 11 of which have been on the market for more than 100 days. Only 4 of the homes for sale are offered at less than $10 million.
Menlo Park
There were 45 single-family homes that closed escrow, and 57% of those sales were for more than list price. The median price was up a significant 35% compared to October of last year. Year-to-date, the median price was up 11% compared to the same period last year.
The average price as of the end of October was $3,256,427, which is 10% higher than last year. In addition to the strong sales, there are also 40 homes that are pending sale, including one listed at almost $10 million. There are only 26 single-family homes actively for sale on the Multiple Listing Service; only 4 have been on the market for more than 60 days.
Palo Alto
There were 50 single-family homes that closed escrow, and 74% of those sales were for more than list price. The median price was up a significant 20% compared to October of last year. Year-to-date, the median price was up 17% compared to the same period last year.
The average price as of the end of October was $3,880,421, which is 12% higher than last year. In addition to the strong sales, there are also a remarkable 65 homes that are pending sale, including 10 for more than $5 million. There are 47 single-family homes actively for sale on the Multiple Listing Service; 11 have been on the market for more than 90 days.
Los Altos
There were 38 single-family homes that closed escrow, and all but 4 of those sales were for more than list price. The median price was up a significant 27% compared to October of last year. Year-to-date, the median price was up 23% compared to the same period last year.
Los Altos Hills
In Los Altos Hills, there were 7 homes that closed escrow and all but 1 sold for more than list price. The median price was up 5% in October, but year-to-date, the median price is up a significant 29%.