Los Altos | Los Altos Hills | Palo Alto
Atherton | Menlo Park | Portola Valley
Woodside
This is the time of year when the first question we are asked is, “How’s the market?” In the communities where we work, we can respond confidently that it’s just great!
Here are the statistics for 2014:
Santa Clara County
For the second consecutive year, the number of sales (based on close of escrow date) decreased:
Number of Sales:
Area |
2013 |
2014 |
% Change |
Santa Clara County |
17,592 | 16,473 | (6.4%) |
Los Altos |
440 |
364 | (17.3%) |
Los Altos Hills |
120 | 111 |
(7.5%) |
Palo Alto | 592 | 567 |
(4.2%) |
(Source: MLSListings.com)
The Median Sales Price continued to climb:
Median Sales Price
Area |
2013 | 2014 | % Change |
Santa Clara County |
$660,000 | $725,000 | 9.8% |
Los Altos |
$1,900,000 |
$2,295,000 |
20.8% |
Los Altos Hills | $2,700,000 | $3,000,000 |
11.1% |
Palo Alto | $1,715,000 | $2,000,000 |
16.6% |
(Source: MLSListings.com)
These are historical highs for the Median Sales Price. Palo Alto’s highest residential sale ever also occurred in 2014 with a sales price of $19,880,000.
The Average Days on Market was 32 days for the County of Santa Clara, but in the above communities, averaged 23 days.
…and, what do you get for your money?
The Sales Price to List Price Ratio exceeded 100%, a reflection of the ongoing inventory shortage and competitive multiple offers where buyers are offering in excess of list price.
Sales Price to List Price Ratio
Area |
2013 | 2014 |
% Change |
Santa Clara County |
103.7% | 103.3% | .4% |
Los Altos |
106.1% |
109.7% |
3.4% |
Los Altos Hills | 99.0% | 101.6% |
2.6% |
Palo Alto | 108.9% | 111.6% |
2.3% |
(Source: MLSListings.com)
In addition to offering sellers prices in excess of the list price, successful buyers in the communities where we work, are also crafting offers in which they take on all the risk, i.e. they are waiving contingencies. We support our buyer clients by attempting to do as much due diligence up front prior to writing an offer but, nonetheless, buying a house in this area requires money, alacrity and fortitude!
San Mateo County
As in Santa Clara County, the number of sales (based on close of escrow date) in San Mateo County declined for the second consecutive year, however the year over year number of sales was up in Menlo Park, Portola Valley and Woodside.
Number of Sales
Area |
2013 | 2014 | % Change |
San Mateo County |
34,815 | 32,698 | (6.1%) |
Atherton |
112 | 110 | (1.2%) |
Menlo Park | 499 | 526 |
5.4% |
Portola Valley |
93 | 99 | 6.5% |
Woodside | 122 | 129 |
5.7% |
(Source: MLSListings.com)
The Median Sales Price rose in all communities where we work:
Median Sales Price
Area |
2013 | 2014 | % Change |
San Mateo County |
$620,000 |
$689,885 |
11.3% |
Atherton |
$3,449,500 | $4,200,000 | 21.8% |
Menlo Park |
$1,305,000 |
$1,547,500 |
18.6% |
Portola Valley |
$2,090,000 |
$2,300,000 |
10% |
Woodside | $1,910,000 | $2,011,000 |
5.3% |
(Source: MLSListings.com)
…and, what do you get for your money?
The average days on market remained steady year to year with the San Mateo County average of 31 days, and for the specific communities as follows:
- Atherton: 61 Days
- Menlo Park: 22 Days
- Portola Valley: 53 Days
- Woodside: 71 Days
The Sales Price to List Price Ratio for 2014 hovered at over 100% for all the above communities, except for Woodside where it averaged 99.3%.
Want More Details?
The above numbers are some quick indicators of local market performance. You can obtain detailed information about the County, the city, and even a specific neighborhood by accessing your Local Stats on our website.
Residential Real Estate Outlook for 2015:
We are optimistic about 2015. Robust job growth, a diverse economic base, excellent schools and the best weather anywhere, continue to attract highly qualified and motivated buyers. Our inventory levels remain very low, so we anticipate that sellers will benefit by receiving very strong offers, and buyers will need to be flexible and resilient. It’s important to understand the reprocussions of making a pre-emptive offer as well as the impact of multiple offers.
Can We Be of Service to You?
Bay Area real estate is expensive and knowing its value is essential when making informed decisions in estate planning, for insurance coverage, or doing long-range financial planning. If we can support you we invite you to contact us. It would be a pleasure to partner with you!
Carol & Nicole