With the World Series in the books (Go Dodgers!), clocks set back for the season, the election behind us, and Thanksgiving nearly here – fall has truly arrived! This time of year, we’re especially grateful for each of you in this incredible community that we get to call home.
The real estate market traditionally tends to ease in October and November, and this year is no exception. We believe the uncertainty of the election had an effect on the market but the results are mixed.
With the holiday season just around the corner, we expect the market to slow down a bit more. If selling is on your mind, this is a perfect time to start getting your home ready, giving you a great head start for 2025. Our real estate expertise is here to help make the process smooth and successful. Feel free to reach out anytime by phone, text, or email for our guidance on presenting your home in its best light. In the meantime, we wish everyone a very happy Thanksgiving!
Portola Valley
In Portola Valley, there was a notable decline in new listings (5 in October compared to 11 last October) but an increase in number of sales (5 compared to just 2). A number of very high-end listings have recently sold around the area, including our listing, The Jelich Ranch, on Portola Road that was listed for $19.9 million. There is still demand in the “lower” ends of markets as well for buyers who want to get into the market before further escalation of prices. Year over year, it is surprising to see the dramatic increase in new listings, 106 this year compared to just 69 last year, or a 54% increase. And the number of sold properties is up 67%. For all the cities that we work in around the peninsula, Portola Valley has shown the greatest increase in sales this year. As well, average price is up 5% and days on market has declined by more than half.
Woodside
In Woodside, new listings in October were about the same as last year but there was a significant increase in number of sales (8 compared to 4). There were 2 Woodside homes sold (per MLS) for more than $10.4 million. Year over year, sales in Woodside are up a significant 19% and the median price is unchanged. What is especially remarkable is how quickly homes have sold this year – almost half of the time it took last year.
Atherton
In Atherton, there was a decline in new listings (9 in October compared to 13 last October) but a significant increase in number of sales (14 compared to 9). A number of very high-end listings have recently sold around the area. Plus, just in October, there were 6 Atherton homes sold (per MLS) between $11.6 million and $23 million. Year over year, sales in Atherton are down 7% and the median price is unchanged. However, the average price is up 11% to a new record high exceeding $10 million. This is attributed to the sale of 30 homes this year for $10 million or more.
Menlo Park
In Menlo Park, new listings of single-family homes in October were just slightly down from last year, and the number of sales was down (23 compared to 30).There was one home in Menlo Park that sold in October for $13.75 million – the highest price this year. Year over year, sales in Menlo Park are up 11% but the median price is down 5%. The average price is up 2% and also notable is that the days on market are down 8%.
Palo Alto
In Palo Alto, the number of new listings of single-family homes in October was up from last year (40 compared to 34), and the number of sales was up as well (with 40 compared to 30). There were two homes in Palo Alto that sold in October for more than $11 million. Year over year, sales in Palo Alto are up 11% but the median price is down 5%. The average price is up 2% and also notable is that the days on market is down 8%.
Los Altos and Los Altos Hills
In Los Altos, the number of new listings was up (29 compared to 21) but in Los Altos Hills it was down (12 compared to 14). Sales were higher in both cities. Year over year, sales in Los Altos are up a strong 20% and the median price is up 6%. In Los Altos Hills, sales are up a remarkable 40% and the median price is up 8%.
