There have been several reports in the media recently about a “crashing” real estate market. It’s crucial to remember that these reports are often based on the entire United States, perhaps California as a whole, but generally not specific to our area. This is very important because our area is such a micro market and in high demand. We are not experiencing the exceptionally fast-paced market of last year or earlier this year. While there has been a shift, it is still a good market.

We decided to do a deep-dive into prices this past month, and year, to see how many sellers have actually lowered their prices. With all the talk of how fast homes sold and for how much over list price these past two years, it was practically unheard of that price adjustments were being made. Well, the data shows differently.

Suprisingly, across most of our local markets, there were fewer price reductions this year than last year. The bottom line: pricing is more important than ever right now but the market is still strong for sellers and there is buyer demand for homes in our area. We encourage you to get the real story from experts like us – we dig deep into the data and we stay on top of every sale that happens. We are always here for you as we have been for more than 30 years. Buying or selling? There is still plenty of time to get your home sold or find your new one before the end of the year – and we can make it happen for you. Please call us.

Portola Valley

• In August of 2022, no homes had a price reduction; in August last year, one home was reduced before it sold.
• This entire year (through Sept. 14), 13 homes had a price reduction (3 were subsequently taken off the market); in the same exact period last year, 15 homes had a price reduction (and 3 were taken off the market).

There are just 16 homes for sale in Portola Valley, 11 that have been on the market for more than 30 days.

Woodside

• In August of 2022, 4 homes had a price reduction; in August last year, 3 homes were reduced before they all sold.
• This entire year (through Sept. 14), 27 homes had a price reduction (8 were subsequently taken off the market); in the same exact period last year, 27 homes also had a price reduction (and 6 were taken off the market).

There are 32 homes for sale in Woodside, 21 that have been on the market for more than 30 days.

Atherton

• In August of 2022, 3 homes had a price reduction; in August last year, 6 homes were reduced and 3 were then taken off the market.
• This entire year (through Sept. 14), 14 homes had a price reduction (5 were subsequently taken off the market); in the same exact period last year, 23 homes had a price reduction (and 9 were taken off the market).
• 39% fewer price reductions this year

There are 28 homes for sale in Atherton, 18 that have been on the market for more than 30 days.

Menlo Park

• In August of 2022, 10 homes had a price reduction; in August last year, 10 homes were reduced and 4 were then taken off the market.
• This entire year (through Sept. 14), 56 homes had a price reduction (20 were subsequently taken off the market); in the same exact period last year, 91 homes had a price reduction (and 20 were taken off the market).
• 38% fewer price reductions have happened this year

There are 41 single-family homes for sale in Menlo Park, 17 that have been on the market for more than 30 days.

Palo Alto

• In August of 2022, 18 homes had a price reduction; in August last year, 7 homes were reduced and 3 were then taken off the market.
• This entire year (through Sept. 14), 84 homes had a price reduction (24 were subsequently taken off the market); in the same exact period last year, 79 homes had a price reduction (and 21 were taken off the market).
• There were quite a few more price reductions in August, but year-to-date, price reductions are just slightly higher than last year.

There are 68 single-family homes for sale in Palo Alto, 36 that have been on the market for more than 30 days.

Los Altos and Los Altos Hills

• In August of 2022, 16 homes had a price reduction; in August last year, 10 homes were reduced and 2 were then taken off the market.
• This entire year (through Sept. 14), 72 homes had a price reduction (14 were subsequently taken off the market); in the same exact period last year, 88 homes had a price reduction (and 23 were taken off the market).
• 18% fewer price reductions have happened this year

There are 33 single-family homes for sale in Los Altos, 10 that have been on the market for more than 30 days. In Los Altos Hills, there are 19 homes for sale, 14 that have been on the market for more than 30 days.