In our earlier post we reported the 2017 year-end results for some of the cities in San Mateo County. Today’s focus is on some of the communities in Santa Clara County.
In 2016 the real estate market showed signs of slowing down during the last half of the year, and 2017 began with uncertainty about how the real estate market would perform. The year started off with heavy rain and that delayed getting some homes on the market, but by February it was clear that the market was rebounding. Most communities closed the year exceeding the results for 2016.
Below is a high level summary of market measures for several cities in Santa Clara County.
Number of Sales
|Santa Clara County||10,465||10,826||+3.45%|
|Los Altos Hills||98||94||-4.08%|
Average Days on Market
|Santa Clara County||27||21|
|Los Altos Hills||52*||36|
*In Los Altos Hills four homes were on the market for over 200 days prior to selling, including one that finally sold after 763 days on the market. When these four homes are excluded, the Average Days on Market for Los Altos Hills for 2016 is 35 days.
Median Sales Price
|Santa Clara County||$1,015,000||$1,171,877||+15.45%|
|Los Altos Hills||$3,862,500||$3,881,000||+0.49%|
Sales Price to List Price Ratio
|Santa Clara County||102.8%||106.0%|
|Los Altos Hills||98.1%||101.8%|
Market Trends by Community
Los Altos Year-end 2017
Los Altos Hills Year-end 2017
Palo Alto Year-end 2017
Palo Alto’s real estate market is the bellwether for Peninsula real estate. Buyers are attracted to the sense of community, the beautiful neighborhoods, the outstanding public schools and the proximity to trendsetting companies. We have noted over the past several years that as prices escalate some buyers in the high-end are open to other nearby communities where they can purchase larger properties and newer homes. This past year, in particular, many properties priced in the upper quartile of the market took longer to sell and some were taken off the market without selling.
The new real estate year is just coming to life in mid-January and we are starting to see new properties come on the market. We believe that low inventory will continue to be the driving factor of the market and we expect buyers to continue to compete for the available homes.
Our next few posts will address some of the hot topics affecting residential real estate so that you can stay informed.