The end of the 3rd quarter is a good time to take a look at how the real estate market compares to previous quarters. In terms of gauging market performance, we like to look at the median sales price as it tends to be a more accurate price indicator than the average, which can be inflated or deflated based on the sale of just one or two really high- or low-end properties.
We need to look at the pandemic years, especially 2021, as an outlier and not a benchmark. 2022 is constantly being compared to 2021, which was anything but normal. A shift in the market is occurring and experience like ours is more important than ever for assisting sellers with setting the correct price and assisting buyers in negotiations. If you would like to know more about our insights on this changing market, please contact us anytime.
Portola Valley
In Portola Valley, the 3rd quarter median price was $3,350,000 compared to $4,500,000 in the 2nd quarter and $5,600,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $4,250,000, is up 21% compared to last year but has clearly been declining as the year has moved on. The current update in Portola Valley shows that in September, 7 homes closed escrow (4 for more than list price). There are 16 homes for sale, 11 of which have been on the market for more than 30 days.
Woodside
The 3rd quarter median price was $5,325,000 compared to $5,250,000 in the 2nd quarter and $3,205,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $4,600,000, is up 19% compared to last year and a new record high. The current update in Woodside shows that in September, 6 homes closed escrow, including 1 for $29.4 million. There are 38 homes for sale, 5 of which are being sold off-market and 26 that have been on the market for more than 30 days.
Atherton
In Atherton, the 3rd quarter median price was $7,000,000 compared to $7,732,500 in the 2nd quarter and $10,000,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $7,732,500, is down 2.5% compared to last year and has clearly been declining as the year has moved on. The current update in Atherton shows that in September, 7 homes closed escrow (none for more than list price; 4 for more than $11 million). There are 31 homes for sale, 7 of which are off-market and have been on the market for more than 30 days.
Menlo Park
The 3rd quarter single-family home median price was $2,765,000 compared to $3,256,500 in the 2nd quarter and $3,400,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $3,151,000, is up 10% compared to last year but has clearly been declining as the year has moved on. The current update in Menlo Park shows that in September, only 27 homes closed escrow (8 for more than list price). There are 49 homes for sale, 5 of which are off-market and 24 that have been on the market for more than 30 days.
Palo Alto
In Palo Alto, the 3rd quarter single-family home median price was $3,342,500 compared to $3,862,500 in the 2nd quarter and $4,100,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $3,673,000, is up 5% compared to last year but has clearly been declining as the year has moved on. The current update in Palo Alto shows that in September, 37 homes closed escrow (18 for more than list price). There are 74 homes for sale, much higher inventory than we have seen for some time; 5 of these are off-market and 41 have been on the market for more than 30 days.
Los Altos
In Los Altos, the 3rd quarter single-family home median price was $3,832,500 compared to $4,412,500 in the 2nd quarter and $4,328,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $4,265,000, is up 4% compared to last year but has been declining since the second half. Currently there are 36 homes for sale in Los Altos, 5 of which are off market and 12 that have been on the market for more than 30 days.
Los Altos Hills
In Los Altos Hills, the 3rd quarter median price was $4,380,000 compared to $6,000,000 in the 2nd quarter and $5,630,900 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $5,550,000, is up 5% compared to last year but has been declining since the second half. There are 25 homes for sale in Los Altos Hills, 3 that are off market and 16 that have been on the market for more than 30 days.