The end of the 3^rd 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.

The low inventory of homes for sale remains a significant factor in the overall market. We continue to stress to our clients that optimal pricing, meticulous presentation, and exceptional marketing still yield outstanding results. There are active buyers in all price ranges.

Despite data reflecting a downward trend in prices, real estate remains highly individualized and defies generalization within our unique communities. We would love to sit down with you and give you our entire marketing plan for selling your home.

Portola Valley

In Portola Valley, the 3^rd quarter median price was $5,100,000 compared to $3,501,000 in the 2^nd quarter and $3,700,000 in the 1^st quarter. The median price year-to-date through the 3^rd quarter, at $3,800,000, is down 9.5% compared to last year. There are just 19 homes available for purchase, with 5 of these being discreetly marketed and not publicly advertised.

Woodside

In Woodside, the 3^rd quarter median price was $4,975,000 compared to $4,500,000 in the 2^nd quarter and $3,657,500 in the 1^st quarter. The median price year-to-date through the 3^rd quarter, at $4,445,000, is down 9% compared to last year. Inventory did increase in the third quarter though and there are now 45 homes available for purchase, with 5 of these being discreetly marketed and not publicly advertised.

Atherton

In Atherton, the 3^rd quarter median price was $8,009,500 compared to $7,500,000 in the 2^nd quarter and $10,500,000 in the 1^st quarter. The median price year-to-date through the 3^rd quarter, at $7,900,000, is up 2% compared to last year and almost the record high level that was set in 2021. There are 36 homes available for purchase, with 6 of these being discreetly marketed and not publicly advertised.

Menlo Park

In Menlo Park, the 3^rd quarter median price was $2,870,000 compared to $3,072,950 in the 2^nd quarter and $3,912,500 in the 1^st quarter. The median price year-to-date through the 3^rd quarter, at $3,298,000, is up 4.6% compared to last year and a new record high. Inventory did increase in the third quarter though and there are now 60 single-family homes available for purchase, with 7 of these being discreetly marketed and not publicly advertised.

Palo Alto

In Palo Alto, the 3^rd quarter median price was $3,329,000 compared to $3,400,000 in the 2^nd quarter and $3,425,000 in the 1^st quarter. The median price year-to-date through the 3^rd quarter, at $3,400,000, is down 5.7% compared to last year.

The low inventory of homes for sale this year has been a significant factor in the overall market, not only in Palo Alto but also in surrounding cities. Inventory did increase in the third quarter though and there are now 53 single-family homes available for purchase, with 10 of these being discreetly marketed and not publicly advertised.

Los Altos & Los Altos Hills

In Los Altos, the median price year-to-date through the 3^rd quarter, at $4,077,500, is down 3% compared to last year. In Los Altos Hills, the median price year-to-date, at $5,300,000, is down 4% compared to last year. There are just 24 homes available for purchase in Los Altos, with 4 of these being discreetly marketed and not publicly advertised. In Los Altos Hills, there are just 20 homes for sale, with 1 that is being privately marketed.