To get clients the inside track on their deals, our agents constantly swap intelligence on the Peninsula real estate market, especially at our weekly all-hands meeting. I recap their collective intel and share it with you. Remember, this is banter, not a perfect representation. It reflects many individuals’ different opinions and thoughts.
Belmont
Prices have popped in Belmont – up 32% (average) and 37% (median), compared with April 2013. The average and median sales price is around $1.3M. The Sterling Downs area is becoming an Oracle enclave, as it’s walkable to the Oracle campus.
Menlo Park Between 101 and El Camino
Notable sales: Menlo Park remains very competitive. 5 homes sold in the last week, four of which we know sold with multiple offers.
New listings: 530 Central was just listed at $2.950. This is a big number for the Willows. Prior to this listing, the highest sale on the MLS was $2.495M in 2002 for a big home on Woodland, and a $2.6M off-market sale on Pope earlier this year.
Market snapshot: Prices shot up year from April 2013 to April 2014.
- 54% increase in average sale price
- 48% increase in median sale price.
Look for an uptick inventory in Menlo Park in the areas between 101 and El Camino, as homeowners realize the opportunity to sell with these higher prices.
Palo Alto: South
South Palo Alto is wild, one just sold for $1300 per square foot. South Palo Alto is teeming with active buyers, while our listings in North Palo Alto sat a little bit– interesting, as there’s not much difference in prices in these two areas.
Palo Alto: North
Notable sales: A couple sales last week. 1190 Hamilton, a nice lot with 8000 sq ft, listed at $3.2, sold 20% above its last sale price.
Market snapshot: Prices have flattened out. North Palo Alto experienced the 20% rise in median price two years ago that is happening now in Portola Valley, Redwood City and San Carlos.
Redwood City: The Hills
The number of homes for sale in the hills (including Farm Hill estates and Farm Hill) has nearly doubled in the past two weeks. Showings are slow; agents are not expecting a lot of offers on these homes. The buyer pool for higher end properties in Emerald Hills may be taking a step back, as they have a lot to look at.
Redwood City: The Flats
Notable sales: Homes are selling for $1000 per square foot – 3/2 or 2/1 in an area that never historically went above $1M are receiving 5-9 offers. Some areas of RWC behave much like San Carlos, as both have schools and sidewalks working for them.
Market snapshot: Inventory is much lower than last April, but popped after bottoming out, and is still rising. The market data reads as a fairly tight market for RWC, but on the upswing.
Portola Valley
New listings: Inventory is flush, with 19 actives, 8 new listings in last week, including a couple promising homes in Central Portola Valley. Inventory continues to be dispersed in all areas. 2 price reductions, both on the upper end.
Notable sales: 4 properties sold, all over list price. Our listing on Vista Verde, in the high hills, has seen a lot of buyer activity. There’s nearly three months of inventory, with about 7 homes selling a month. If this pace keeps up, there might be two months of inventory in Portola Valley.
San Carlos
Noteworthy sales: A couple sales up as high as $2.3 for 4 BR/ 3BA homes in the flats. The nicer, recent remodels or new construction are setting a new high water mark. Buyer profile: people priced out of Menlo Park. The schools are right on par with Menlo Park; the high schools API scores are nearly on par.
New listings: More homes have come on the market this week, especially in the lower hills, which are not walkable to town (where homes are selling at a premium).
Market snapshot: we’ve seen San Carlos Prices rise from April 2013 to April 2014.
- 21% increase in average sale price
- 13% increase in median sale price
Woodside
New listings: an off-market home has been put on the market with a 200K drop in price, now listed at $6.8M. A little fixer with 2800 sq ft just came on the market.
Market snapshot: Prices have increased some from 2012 to 2014. Things are starting to pop a bit on the high end. 4 recent sales between $7m and $13m.
