The World Series has concluded, we have set back our clocks (albeit reluctantly with darkness now at 5 pm), and Thanksgiving is already next week – Fall is here! In the spirit of the season, we extend our appreciation to all of you in this exceptional community. May this Thanksgiving prompt reflection, gratitude, and an acknowledgment of the enduring value that homes bring to our lives.
During this time of the year, the real estate market traditionally tends to ease, but many of our local markets were surprisingly active in October. Additionally, many areas saw a surge in the number of new listings in October. We attribute this increase in new listings to sellers aiming to conclude their home sales before year-end, as well as a degree of market uncertainty prompting sellers to act preemptively. Check out the specifics on each of the cities and towns below.
As we approach the holiday season, a slowdown is anticipated. If you are considering selling, now is an opportune time to prepare your home, gaining an early advantage over the competition in 2024. Leveraging our expertise in local real estate, we stand ready to offer guidance on presenting your home for sale. For more information, please reach out any time via phone, text, or email. Wishing you all a very Happy Thanksgiving.
Portola Valley
There's been a notable surge in new listings (11 in October compared to just 5 last October) but a reduced number of sales. While the price data in the table above may raise eyebrows, it's crucial to consider that these statistics are based on a limited 2 sales, both in the lower price ranges in Portola Valley, which explains the dip in median price. Currently, 5 homes are under contract and pending sale, listed between $1.5 million and $8.9 million. There are 13 homes available for sale, with 4 of them on the market for less than 2 weeks.
Woodside
In Woodside, the number of new listings was fairly strong (11 in October compared to 14 last October) and sales were unchanged. It's important to note that the price data in the table above is based on a limited 4 sales, all in the lower price ranges in Woodside, which explains the dip in median price. Currently, 4 homes are under contract and pending sale, listed between $1.6 million and $14.25 million. The inventory of homes for sale is high with 37 homes currently on the market, only 1 of which has been on for less than 2 weeks.
Atherton
In Atherton, there were 13 new listings compared to 12 last October and sales were 50% stronger. The increase in sales has been an ongoing trend this year with a 5% increase year-over-year. Prices are also staying strong with a 10% increase in median price in October and a 5% year-over-year increase. Currently, 4 homes are under contract and pending sale, listed between $4.9 million and $16.5 million. The inventory of homes for sale is high with 30 homes currently on the market, only 3 of which have been on for less than 2 weeks.
Menlo Park
In Menlo Park, there were 36 new single-family home listings compared to 29 last October and sales were 40% stronger. The increase in sales does not hold true year-over-year, as there has been a 12% decline. Prices have stayed very strong with a 14% increase in median price in October and a 6% year-over-year increase. Currently, 22 homes are under contract and pending sale, listed between $1.1 million and $11.95 million. The inventory of homes for sale is high with 41 homes currently on the market, 10 of which have been on for less than 2 weeks.
Palo Alto
In Palo Alto, there were 34 new single-family home listings compared to 36 last October and sales were 36% stronger. The increase in sales does not hold true year-over-year, as there has been an 11% decline. Prices have stayed fairly strong with just a 3% drop in median price in October and a 7% year-over-year decline. Currently, 19 homes are under contract and pending sale, listed between $2.1 million and $5.6 million. The inventory of homes for sale is high with 41 homes currently on the market, only 6 of which have been on for less than 2 weeks.
Los Altos
Los Altos Hills
In Los Altos Hills there were 14 new listings compared to just 9 last October and in Los Altos there were 21 new listings compared to 16.
In Los Altos, prices were up 4% in October but down 4% year-over-year. Los Altos Hills saw a sharp decline of 30% in prices in October, but just 6% year-over-year. Currently in Los Altos, there are 8 homes pending sale and 16 homes for sale. List prices for these range from $2.9 million to $11.9 million. In Los Altos Hills, there are just 3 homes pending sale and 19 homes for sale with prices ranging from $3.9 million to $18.5 million.
