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.
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, particularly with interest rates slightly lower and the stock market continuing to set highs.
Real estate remains highly individualized and defies generalization within the local communities. We would love to sit down with you and give you our entire marketing plan for selling your home or review our strategy for getting results in this market as a buyer. Let’s talk about your individual needs.
Portola Valley
The 3rd quarter median price was $4,600,000, which exceeded the all-time median price high in 2022 when it was $4,200,000. The 3rd quarter price of $4,600,000 compares to $3,950,000 in the 2nd quarter and $4,350,000 in the 1st quarter. There are 26 homes available for purchase, plus 3 that are being discreetly marketed and not publicly advertised.
Woodside
The 3rd quarter median price was $3,002,500; this compares to $4,367,500 in the 2nd quarter and $4,635,645 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $3,885,000, is down 8% compared to the same period last year. Despite the lower median price, it is encouraging to note that there have been 8 sales this year for more than $10 million, and as high as $85 million. Inventory increased in the third quarter in Woodside, and there are now 31 homes available for purchase, plus 6 that are being discreetly marketed and not publicly advertised.
Atherton
In Atherton (per the MLS and not including any off-market sales), the 3rd quarter median price was $7,760,001; this compares to $10,280,000 in the 2nd quarter and $8,200,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $8,784,444, is up 11% to the same period last year. There are just 12 homes available for sale, plus 6 that are being discreetly marketed and not publicly advertised.
Menlo Park
The 3rd quarter median price for single-family homes was $3,112,500; this compares to $3,330,000 in the 2nd quarter and $3,525,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $3,300,000, is up 2% compared to the same period last year. There are 36 single-family homes available for purchase, plus 3 that are being discreetly marketed and not publicly advertised.
Palo Alto
The 3rd quarter median price for a single-family home was $4,100,000; this compares to $3,680,000 in the 2nd quarter and $4,390,000 in the 1st quarter. The median price year-to-date through the 3rd quarter, at $3,900,000, is up 8% compared to the same period last year. Inventory increased in the third quarter in Palo Alto, and there are now 53 single-family homes available for purchase, plus 11 that are being discreetly marketed and not publicly advertised.
Los Altos & Los Altos Hills
In Los Altos, the median price year-to-date through the 3rd quarter, at $4,850,000, is up 11% compared to the same period last year. In Los Altos Hills, the median price year-to-date, at $5,555,000, is down 8% compared to the same period last year. There are 27 homes available for purchase in Los Altos, plus 3 that are being discreetly marketed and not publicly advertised. In Los Altos Hills, there are 22 homes for sale, and 5 that are being privately marketed.
