In just one week it will officially be the first day of fall. Shorter days, colorful trees, and beautiful weather. The Peninsula is particularly stunning in the fall, and we are looking forward to it. On the real estate front, the frenzy continues here, and we do not anticipate it slowing down anytime soon. We saw 5 sales in August for well over $1 million above list price, including one each in Portola Valley, Palo Alto, and Los Altos Hills, and 2 in Los Altos. In general, for the cities that we specialize in, we have never seen so many homes sell over list price as we have with those that closed escrow in August. In fact, the average sale in these cities combined sold for 8% over list price – the highest, by far, all year.

While many took time to vacation in August, now that school has started, we are seeing a push to get homes on the market so sellers can close before year end.

It’s never too early to start preparing your home for sale. As a reminder, the primary reason that sellers and buyers hire us to be their real estate agent is because of our expertise in the local communities. Information is easy to find today, but our value is the ability to disseminate this information and more importantly, to include data that is not publicly available. We stay on top of off-market sales. It would be our pleasure to represent you. Call us any time.

Portola Valley

In Portola Valley, one home sold for $1.4 million over list price and another one sold for almost $1 million over list; on average, homes in August sold for 13% more than list price. In the first 4 months of the year, homes on average sold for less than list price. There are currently just 9 homes for sale, 2 of which were listed in the past 2 weeks. Prices range from $2,295,000 to $22,000,000 (a vineyard estate that we are representing).

Woodside

In Woodside, there were just 4 sales, 2 of which sold for more than list price. On average, Woodside homes in August sold for 4% more than list price, the highest monthly average this year. There are currently 27 homes for sale and 9 of those were listed in the past 2 weeks. Prices range from $1,650,000 to $135,000,000 (the Green Gables estate on 74 acres).

Atherton

In Atherton, there were 6 sales, and only the least expensive one sold over list price. This is typical this year as only 14% of the sales have been for more than list price. There are currently 29 homes for sale and 6 of those were listed in the past 2 weeks. Prices range from $2,849,888 to $29,800,000.

Menlo Park

In Menlo Park, there were 38 sales, 24 of which sold for more than list price, including 3 for more than $500k over list.  There are currently 37 homes for sale and 14 of those were listed in the past 2 weeks. Prices range from $1,050,000 to $9,998,000 (this is the first time no homes have been for sale for under $1 million).

Palo Alto

In Palo Alto, there were 43 sales, 32 of which sold for more than list price, including 1 for more than $1 million over list; on average, homes in August sold for 8.8% over list, the highest by far this year. There are currently 62 homes for sale and 27 of those were listed in the past 2 weeks. Prices range from $1,375,000 to $37,500,000.

Los Altos

In Los Altos, there were 35 sales, 30 (!!) of which sold for more than list price, including 2 for more than $1 million over list; on average, homes every month this year have averaged over list price. There are currently 23 homes for sale in Los Altos and 11 of those were listed in the past 2 weeks. Prices range from $2,295,000 to $7,900,000.

Los Altos Hills

In Los Altos Hills, 8 of the 9 sales in August were for more than list price, including one for more than $1 million over list price. There are 11 homes for sale and 1 was listed in the past 2 weeks. Prices range from $4,798,000 to $24,950,000.