The year has gotten off to an amazing start!
The real estate market for the first quarter 2015 continues to favor sellers, i.e., there are more motivated and qualified buyers than there are homes for sale.
Well-priced homes are selling within days of being placed on the market, often in multiple offers where sellers benefit from buyers competing and offering aggressive prices and compelling terms.
Here are the first quarter key market indicators based on Multiple Listing Serve data for single family residences in the communities where we work:
SANTA CLARA COUNTY:
Number of Sales:
Area | Q1 – 2014 | Q1 – 2015 | % Change |
Santa Clara County | 2,711 | 2,685 | (.9%) |
Los Altos | 58 | 72 | 24.1% |
Los Altos Hills | 15 | 23 | 53.3% |
Palo Alto | 74 | 73 | 0% |
The Median Sales Price rose in all communities:
Area | Q1 – 2014 | Q1- 2015 | % Change |
Santa Clara County | $670,000 | $737,000 | 10.0% |
Los Altos | $2,326,000 | $2,610,000 | 12.2% |
Los Altos Hills | $3,100,000 | $3,400,000 | 9.7% |
Palo Alto | $2,000,500 | $2,500,000 | 25.0% |
The Sale Price to List Price Ratio is an indication of how competitive the market is:
Area | Q1- 2014 | Q1 – 2015 |
Santa Clara County | 102.9% | 103.9% |
Los Altos | 111.5% | 109.7% |
Los Altos Hills | 102.7% | 109.1% |
Palo Alto | 113.4% | 114.3% |
SAN MATEO COUNTY:
The Number of Sales is down compared to Q1 2014:
Area | Q1 – 2014 | Q1 – 2015 | % Change |
San Mateo County | 1,130 | 1,021 | (9.6%) |
Atherton | 25 | 11 | (56.0%) |
Menlo Park | 73 | 70 | (4.1%) |
Portola Valley | 18 | 8 | (55.6%) |
Woodside | 20 | 15 | (25.0%) |
The Median Sales Price rose in all communities:
Area | Q1 – 2014 | Q1 – 2015 | % Change |
San Mateo County | $810,500 | $955,000 | 17.8% |
Atherton | $4,555,000 | $7,000,000 | 53.7% |
Menlo Park | $1,563,000 | $1,905,000 | 21.9% |
Portola Valley | $2,485,000 | $2,560,000 | 3.0% |
Woodside | $2,525,000 | $2,850,000 | 12.9% |
The Sale Price to List Price Ratio remains above 100% in all communities except for Woodside.
Area | Q1 – 2014 | Q1 – 2015 |
San Mateo County | 105.0% | 106.7% |
Atherton | 102.5% | 102.0% |
Menlo Park | 107.1% | 108.1% |
Portola Valley | 106.1% | 101.0% |
Woodside | 97.8% | 96.1% |
You can access very specific neighborhood real estate market data through our website, and if you would like an up-to-date opinion of value, please let us know.
We love hearing from you, so please stay in touch, and do not hesitate to contact us for your home related needs or if we can be of service to you and your circle of friends and colleagues.