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.
ATHERTON
Last week’s sales ran the gamut from entry level Atherton to Polhemus, listed over $18M.
MENLO PARK
The last five properties that sold in Menlo Park averaged a whopping $1656 per square foot. Inventory is fairly high right now, and homes that are priced well are moving. Pricing is important in this market. Some listings are sitting at numbers that are fairly rich.
REDWOOD CITY
39 homes came on the market last week. In the flats, everything is selling now, even small fixers. Everything that closed in June sold in 14 days, a Days on Market statistic that is unheard of in Redwood City. In the hills, inventory is stacking up, as people have pushed the price.
PORTOLA VALLEY
About 6 ½ homes are selling each month in Portola Valley. There’s 13 houses for sale, or two months worth of inventory on the market. The average list price is $5.5M. In the upper end, homeowners heard the clarion call that everything is hot, but homes are sitting because of high list points. There’s only been 3 sales over $5M all year. The ones that are selling are the ones around $2.7M.
WOODSIDE
Sellers are coming out at the high end. There’s a new listing at 1028 Canada, a flat three acres listed for $4.485. There’s a spec house on Manzanita listed at $11M. A new listing for $20M on Quail Meadow is richly priced, to say the least.
NORTH PALO ALTO
There are only 14 listings in North Palo Alto. Of those, 8 are $5M or more. So, there’s little inventory out there right now. Prices have been running $1600 – 2000 per square foot in the few weeks. Anything that’s done in Professorville is gold — and the definition of “done” is loose.
SOUTH PALO ALTO
Bargain alert: There’s a good buy on Webster, with a list price of $1.988M on a lot that’s over 8000 square feet.
