Palo Alto
The first quarter of 2012 saw our usual Palo Alto leap, with the median sale price jumping 18%. The hot part of the market was the lower part, reflected in a lesser 4% increase in the average. That could be as much about lack of inventory, particularly high-end inventory, as much as a hot entry level. That being said, North Palo Alto’s entry-level neighborhood (Green Gables) and South PA’s entry level neighborhood (South Palo Alto) lead the hit parade with 28% and 25% increases in average sale price. Multiple offers were back in vogue and the market continues to have a strong relocation presence, making move-in houses the hot ticket.
Menlo Park
After a robust end of the year, West Menlo Park kept right on cooking with a 9% increase in median sales price. Menlo Park as a whole was flat due to the continued downward pull of the east Menlo Park inventory, as the sub-prime troubles continue to be a drag. Hot spots were Central Menlo and the University Heights/County area, which had impressive double digit year over year gains. Sharon Heights also took a significant jump as buyers flocked to relative bargains in the neighborhood.
Atherton
Atherton showed a 3% gain over last year, but anecdotally we can tell you that it is hot hot hot. That heat continues to be at the upper end ($10,000,000+) part of the market, with mid-range homes continuing to struggle. The high end heat is evidence by not just big ticket sales, but more by an extremely active teardown market. Lot sales in the $4,000,0000 to $5,000,000 are actually $10,000,000 plus purchase once the house is built and the landscaping is in. West Atherton has been particularly hot with lot prices jumping as much as 30% over last year.
Portola Valley & Woodside
The overall numbers for our rural gems are pretty even, but the back story is the prime neighborhoods are hopping, with Central Portola Valley and Central Woodside posting 21% and 35% gains over last year. Entry level in these neighborhoods and large lots or view lots are selling briskly and at new premiums. A good sign for the future is a surge in interest in new construction by end-users, always a vote of confidence for the market.
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