The days are getting shorter, the holidays are almost here, and the real estate market is taking a deep breath. Looking back at the sales that closed in October, the numbers in Portola Valley are still impressive (more on that below). Right now, the market has slowed but this is nowhere near the slowdown we saw in 2008 (although if you listen to the media, you might think it was). This is not a crash; this is a correction. Interest rates are higher, the stock market is volatile, and the typical end of year slow down (especially pre-pandemic) have all contributed to this shift that we are seeing.

As we said last month, we need to look at last year as an outlier and not a benchmark to be compared to today. We are advising sellers not to look backward but to adjust to the current market conditions, which is what buyers are doing and expecting. We have an extraordinary amount of experience guiding both sellers and buyers and we encourage you to reach out to us to discuss your individual needs. Qualified buyers are in the market and looking for homes. Now could be the perfect time to sell your home before competition heats up next year.

In the meantime, here’s a look at October home sales in our local markets.

And we wish you all a very happy Thanksgiving next week.

Portola Valley

9 homes closed escrow, almost the same as last October, but prices were substantially higher with the median price up 48%. Year-to-date, the median price is up 24% compared to the same period last year. The biggest change is the number of sales, which are down 44%. Currently, there are 15 homes for sale; all but 1 have been on the market for more than 3 weeks.

Woodside

4 homes closed escrow, half the number that closed last October, but prices were substantially higher with the median price up 53%. Year-to-date, the median price is up 22% compared to the same period last year. The biggest change is the number of sales, which are down 43%. Currently, there are 32 homes for sale; all but 2 have been on the market for more than 3 weeks.

Atherton

6 homes closed escrow, compared to 9 that closed last October; prices were down 17%. Year-to-date, the median price is down just 5% compared to the same period last year. The biggest change is the number of sales, which are down 20%. Currently, there are 29 homes for sale and all but 4 have been on the market for more than 3 weeks.

Menlo Park

20 homes closed escrow, compared to 45 that closed last October; prices were lower but still with a median price over $3.2 million. Year-to-date, the median price is up 9% compared to the same period last year. The biggest change is the number of sales, which are down 37%. Currently, there are 45 single-family homes for sale; all but 17 have been on the market for more than 3 weeks.

Palo Alto

22 single-family homes closed escrow compared to 50 that closed last October, but prices were higher with the median price up 3%. Year-to-date, the median price is up 4% compared to the same period last year. The biggest change is the number of sales, which are down 29%. Currently, there are 63 single-family homes for sale; all but 16 have been on the market for more than 3 weeks.

Los Altos and Los Altos Hills

23 single-family homes closed escrow in Los Altos compared to 38 that closed last October; in Los Altos Hills, 6 homes closed compared to 7 last October. Prices were substantially higher in Los Altos Hills with the median price up 63%, but lower in Los Altos with a decline of 6% in the median price. Year-to-date, the median price is up 5% compared to the same period last year in Los Altos and 9% in Los Altos Hills. The biggest change is the number of sales, which is down 37% in Los Altos Hills and 30% in Los Altos. Currently, there are 26 single-family homes for sale in Los Altos; all but 7 have been on the market for more than 3 weeks. There are 18 homes for sale in Los Altos Hills and all but 4 have been on for more than 3 weeks.