Market Report for the Palo Alto Bay area November 2022.
Palo Alto
Jump to Palo Alto Report
Redwood City
Jump to Redwood City Report
Portola Valley
Jump to Portola Valley Report
Menlo Park
Jump to Menlo Report
Jump to Atherton Report
Los Altos
Jump to Los Altos
San Jose
Jump to San Jose
Mountain View
Jump to Mountain View
San Mateo County
Jump to San Mateo County
Santa Clara County
Jump to Santa Clara County
That's really the question you should be asking yourself
Our market is incredibly diverse, and it's changing rapidly
Values vary not just by neighborhood, but by street Your home isn't necessarily worth what your neighbors is At the end of the day, the current market sets the value of your home
So, do you know what your home is worth in today's market?
Icanhelp...
Contact me for a confidential, no obligation assessment of your home's value.
As you look ahead to the winter season, you’re likely making plans and thinking about what you want to achieve before the year ends One of those key decision points could be whether or not you want to move this year. If the location or size of your current home no longer meets your needs, finding a house that better suits your lifestyle may be a top priority for you. But with today’s cooling housing market, is it really a good time to sell your house, or should you wait?
If you’re ready to make your decision, here are three reasons you may want to consider selling before the holidays
October 31, 2022
Week of October 31, 2022 in Review
Even though the Fed hiked rates as expected, the markets were volatile after comments from Fed Chair Jerome Powell
The Fed hiked its benchmark Fed Funds Rate by an aggressive 75 basis points at its meeting last Wednesday, marking its sixth rate hike of the year and fourth consecutive 0 75% increase
The Bureau of Labor Statistics (BLS) reported that there were 261,000 jobs created in October
The ADP Employment Report, which measures private sector payrolls, showed that there were 239,000 jobs created in October Private Sector Payrolls Beat Expectations, But Hiring "Not Broad Based"
In Palo Alto, the median sold price for single-family homes in October increased month-over-month to $3.5 million. The number of homes sold decreased to 20, and the number of new listings also decreased to 34. The number of condo & townhome sales increased to $1.8 million month-over-month with 4 units sold and 14 new listings. Buyers are still being aggressive with their offer prices, with the median offer price continus to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand continues to rise, leading to a rise in sales prices, creating an imbalance between supply and demand.
34 New Listings
2.5 Months of Inventory
20 Sold Listings
$3.5M Median Sale Price
98.1% Median Sale vs List
28
Avg Days on Market
The data, sourced from Broker Metrics, includes all single-family homes, condos, and townhomes in the California Area from October 2021 to October 2022. This may include preliminary data, and vary from the time the data was gathered. All data is deemed reliable but not guaranteed. Questions may be directed to KW Advisors. 415.483.9285 Palo Alto DRE# 01511642 Copyright KW Advisors 2022. Each Office is independently owned and operated.
14
$1.8M
mily Homes onths, year-over-year.
Townhomes onths, year-over-year
The median sales price has increased from $3 4m last year's October to $3 5m this year
Condos & Townhomes
The median sales price has increased from $1 5m last October 2021 to $1 8m by October 2022.
The average days on market has increased from 22 days of the same month last year, to 28 days this year.
The average days on market has gone down from last year's October with 52 days, to 47 days this year
The overbid percentage has decreased from 109% last year's October, to 98.1% this year.
The overbid percentage increased from 105 9% of October 2021, to 106 3% a year later
In Redwood City, the median sold price for single-family homes in October slightly increased month-over-month to $2.005 million. The number of homes sold decreased to 43, and the number of new listings increased to 43. The number of condo & townhome sales decreased month-over-month to $831 thousand with 6 units sold and 6 new listings. Buyers are still being aggressive with their offer prices, with the median offer price continus to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand continues to rise, leading to a rise in sales prices, creating an imbalance between supply and demand.
43 Sold Listings Homes
$2M
Median Sale Price
44
Avg Days on Market
The data, sourced from Broker Metrics, includes all single-family homes, condos, and townhomes in the California Area from October 2021 to October 2022. This may include preliminary data, and vary from the time the data was gathered. All data is deemed reliable but not guaranteed. Questions may be directed to KW Advisors. 415.483.9285 Palo Alto DRE# 01511642 Copyright KW Advisors 2022. Each Office is independently
Listings Sold Listings
OCTOBER 2021 - OCTOBER 2022
STINGS FOR SALE VS SOLD LISTINGS
gle Family Homes
st 12 months, year-over-year.
ndos & Townhomes
The median sales price has slightly increased from $2 000m last year's October to $2 005m this year
Condos & Townhomes
The median sales price has slightly decreased from $1.2m last October 2021 to $831k by October 2022.
The average days on market has no changes from 14 days of the same month last year, to 14 days this year.
The average days on market has gone up from last year's October with 18 days, to 46 days this year
The overbid percentage has decreased from 105% last year's October, to 96.9% this year.
Condos & Townhomes
The overbid percentage has decreased from 107 3% of October 2021, to 98 7% a year later
In Portola Valley, the median sold price for single-family homes in October increased month-over-month to $4.2 million. The number of homes sold decreased to 9 and the number of new listings decreased to 4. Buyers are still being aggressive with their offer prices, with the median offer price continus to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand continues to rise, leading to a rise in sales prices, creating an imbalance between supply and demand.
4 New Listings
1.9 Months of Inventory
9 Sold Listings
$4.2M Median Sale Price
93.3%
Median Sale vs List
19
Avg Days on Market
The data, sourced from Broker Metrics, includes all single-family homes, condos, and townhomes in the California Area from October 2021 to October 2022. This may include preliminary data, and vary from the time the data was gathered. All data is deemed reliable but not guaranteed. Questions may be directed to KW Advisors. 415.483.9285 Palo Alto DRE# 01511642 Copyright KW Advisors 2022. Each Office is independently owned and operated.
New Listings
Sold Listings
Months of Inventory
Median Sale vs List
Avg Days on Market
Single Family Homes
The median sales increased from $2 8m of last year's October, to $4 2m this year
Condos & Townhomes
The median sales price record same from last year's October having $0m to $0m this year
Single Family Homes
The average days on market has decreased from 26 days last year's October, to 19 days a year later.
Condos & Townhomes
The average days on market is almost the same from October last year's 0 days to 0 days this year
Single Family Homes
The overbid percentage has decreased from 110.4% of last year's October, to 93.3% this year.
Condos & Townhomes
The overbid percentage is same from last year's October of 0% to this year's 0%
In Menlo Park, the median sold price for single-family homes in October slightly decreased month-over-month to $3.2 million. The number of homes sold decreased to 20, and the number of new listings decreased to 25. The number of condo and townhome sales increased month-over-month to $1.3 million, with 4 units sold and 3 new listings. Buyers are still being aggressive with their offer prices, with the median offer price continus to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand continues to rise, leading to a rise in sales prices, creating an imbalance between supply and demand.
0 d Listings mes
3.2M
dian Sale Price
4
g Days on Market
The data, sourced from Broker Metrics, includes all single-family homes, condos, and townhomes in the California Area from October 2021 to October 2022. This may include preliminary data, and vary from the time the data was gathered. All data is deemed reliable but not guaranteed. Questions may be directed to KW Advisors. 415.483.9285 Palo Alto DRE# 01511642 Copyright KW Advisors 2022. Each Office is independently
3 New Listings
4 Sold Listings
13 Months of Inventory
$1.3M
Sale Price 102.6% Median Sale vs List
16 Avg Days on Market
The median sales price has decreased from $3 5m last year's October to $3 2m this year
Condos & Townhomes
The median sales price has decreased from $1.6m last October 2021 to $1.3m a year later.
The average days on the market has increased from 19 days of October 2021 to 24 days this October 2022.
Condos & Townhomes
The average days on the market has decreased from 32 days of October 2021 to 16 days this October 2022
Single Family Homes
The overbid percentage has decreased from 102.9% record last year's October, to 99.4% this year.
Condos & Townhomes
The overbid percentage has increased from 99 3% last year's October, to 102 6% this year
In Atherton, the median sold price for single-family homes in October decreased month-over-month to $6.6 million. The number of homes sold decreased to 6, and the number of new listings increased to 11. The number of condo & townhome sales decreased month-over-month to $0 with 0 unit sold and 1 new listing. Buyers are still being aggressive with their offer prices, with the median offer price continus to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand continues to rise, leading to a rise in sales prices, creating an imbalance between supply and demand.
6 Sold Listings omes
$6.6M
Median Sale Price
48
Avg Days on Market
The data, sourced from Broker Metrics, includes all single-family homes, condos, and townhomes in the California Area from October 2021 to October 2022. This may include preliminary data, and vary from the time the data was gathered. All data is deemed reliable but not guaranteed. Questions may be directed to KW Advisors. 415.483.9285 Palo Alto DRE# 01511642 Copyright KW Advisors 2022. Each Office is independently
1 New Listings 0 Months of Inventory
Median Sale vs List
Median Sale Price
Avg Days on Market 0 Sold Listings
OCTOBER 2021 - OCTOBER 2022
STINGS FOR SALE VS SOLD LISTINGS
ngle Family Homes ast 12 months, year-over-year.
ondos & Townhomes ast 12 months, year-over-year
Single Family Homes
The median sales price decreased from $7 9m in October 2021 to $6 6m in October 2022
Condos & Townhomes
The median sales price decreased from $0 in October 2021 and $0 in October 2022
Single Family Homes
The average days on market increased from 32 days last October 2021 to 48 days by October 2022.
Condos & Townhomes
The average days on market stays at 0 days for October 2021 and October 2022
Single Family Homes
The overbid percentage decreased from 101.9% last October 2021 to 90.8% a year later.
Condos & Townhomes
The overbid percentage stays at 0% for October 2021 and October 2021
In Los Altos, the median sold price for single-family homes in October decreased month-over-month to $4.1 million. The number of homes sold decreased to 23, and the number of new listings decreased to 15. The number of condo & townhome sales increased month-over-month to $1.9 million with 2 units sold and 3 new listings. Buyers are still being aggressive with their offer prices, with the median offer price continus to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand continues to rise, leading to a rise in sales prices, creating an imbalance between supply and demand.
15 New Listings
1.7 Months of Inventory
23 Sold Listings
$4.1M Median Sale Price
100%
Median Sale vs List
23
Avg Days on Market
The data, sourced from Broker Metrics, includes all single-family homes, condos, and townhomes in the California Area from October 2021 to October 2022. This may include preliminary data, and vary from the time the data was gathered. All data is deemed reliable but not guaranteed. Questions may be directed to KW Advisors. 415.483.9285 Palo Alto DRE# 01511642 Copyright KW Advisors 2022. Each Office is independently owned and operated.
3
New Listings
2 Sold Listings
2.7
Months of Inventory
$1.9M
Median Sale Price 100%
Median Sale vs List 67 Avg Days on Market
Single Family Homes
The median sales price decreased from $4 2m in October 2021 to $4 1m in October 2022
Condos & Townhomes
The median sales price increased from $1.3m in October 2021 and $1.9m in October 2022.
Single Family Homes
The average days on market increased from 12 days last October 2021 to 23 days by October 2022
Condos & Townhomes
The average days on market increased from 47 days in October 2021 to 67 days this year
Single Family Homes
The overbid percentage decreased from 109% last October 2021 to 100% a year later.
Condos & Townhomes
The overbid percentage increased from 96 10% last October 2021 to 100% a year later
In San Jose, the median sold price for single-family homes in October 2022 is similar to last year at $1.4 million. The number of homes sold decreased to 332, and the number of new listings decreased to 278. The number of condo & townhome sales decreased month-over-month to $750 thousand with 133 units sold and 126 new listings. Buyers are still being aggressive with their offer prices, with the median offer price continus to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand continues to rise, leading to a rise in sales prices, creating an imbalance between supply and demand.
278 New Listings
1.3 Months of Inventory
332 Sold Listings
$1.4M Median Sale Price
96.6%
Median Sale vs List
30
Avg Days on Market
The data, sourced from Broker Metrics, includes all single-family homes, condos, and townhomes in the California Area from October 2021 to October 2022. This may include preliminary data, and vary from the time the data was gathered. All data is deemed reliable but not guaranteed. Questions may be directed to KW Advisors. 415.483.9285 Palo Alto DRE# 01511642 Copyright KW Advisors 2022. Each Office is independently owned and operated.
126
ngle Family Homes ast 12 months, year-over-year.
ondos & Townhomes ast 12 months, year-over-year
Single Family Homes
The median sales price stays at $1 4m for October 2021 and October 2022
Condos & Townhomes
The median sales price decreased from $770k in October 2021 and $750k in October 2022.
Single Family Homes
The average days on market increased from 17 days last October 2021 to 30 days by October 2022.
Condos & Townhomes
The average days on market increased from 19 days in October 2021 to 34 days this year
Single Family Homes
The overbid percentage decreased from 107.9% last October 2021 to 96.6% a year later.
Condos & Townhomes
The overbid percentage decreased from 103 2% last October 2021 to 99 3% a year later
In Mountain View, the median sold price for single-family homes in October increased month-over-month to $2.6 million. The number of homes sold decreased to 16 and the number of new listings decreased to 9. The number of condo and townhome sales decreased month-over-month at $1.2 million with 17 units sold and 40 new listings. Buyers are still being aggressive with their offer prices, with the median offer price continus to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand continues to rise, leading to a rise in sales prices, creating an imbalance between supply and demand.
16 Sold Listings mily Homes
$2.6M Median Sale Price
1% List 18 Avg Days on Market
The data, sourced from Broker Metrics, includes all single-family homes, condos, and townhomes in the California Area from October 2021 to October 2022. This may include preliminary data, and vary from the time the data was gathered. All data is deemed reliable but not guaranteed. Questions may be directed to KW Advisors. 415.483.9285 Palo Alto DRE# 01511642 Copyright KW Advisors 2022. Each Office is independently
40 New Listings
17 Sold Listings
2.4 Months of Inventory
Median Sale vs List 34 Avg Days on Market
ingle Family Homes ast 12 months, year-over-year.
ondos & Townhomes ast 12 months, year-over-year
The median sales price has gone up from $2 5m last October 2021, to $2 6m by October 2022
Condos & Townhomes
The median sales price has slightly decreased from $1.4m of October 2021 to $1.2m by October 2022.
The average days on market from October 2021 was 11 days up to 18 days this year.
Condos & Townhomes
The average days on market significantly increased from 36 days last year's October, to 34 days this year
Single Family Homes
The overbid percentage has decreased from 114.8% last year to 101.1% this year's October.
Condos & Townhomes
The overbid percentage has slightly decreased from 103 1% last year to 99% this year's October
In San Mateo County, the median sold price for single-family homes in October decreased month-over-month to $1.9 million. The number of homes sold decreased to 258, and the number of new listings also decreased to 311. The number of condo & townhome sales increased month-over-month at $958 thousand, with 83 units sold and 72 new listings. Buyers are still being aggressive with their offer prices, with the median offer price continus to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand continues to rise, leading to a rise in sales prices, creating an imbalance between supply and demand.
311 New Listings
2.2 Months of Inventory
258 Sold Listings
$1.9M Median Sale Price
96.8%
Median Sale vs List
30
Avg Days on Market
The data, sourced from Broker Metrics, includes all single-family homes, condos, and townhomes in the California Area from October 2021 to October 2022. This may include preliminary data, and vary from the time the data was gathered. All data is deemed reliable but not guaranteed. Questions may be directed to KW Advisors. 415.483.9285 Palo Alto DRE# 01511642 Copyright KW Advisors 2022. Each Office is independently owned and operated.
72
New Listings
83 Sold Listings
2.3
Months of Inventory
$958K
Median Sale Price
97.2%
Median Sale vs List
42 Avg Days on Market
Single Family Homes
Last 12 months, year-over-year.
Condos & Townhomes
Last 12 months, year-over-year
Single Family Homes
The median sales price decreased from $2 1m last October 2021, to $1 9m a year later
Condos & Townhomes
The median sales price has slightly increased from $950k last year's October to $958k this year.
The average days on market increased from 17 days last year's October, to 30 days this year.
Condos & Townhomes
From 22 days average days on the market record last year, it has increased to 42 days after a year
Single Family Homes
The overbid percentage has decreased from 106.4% last year's October, to 96.8% this year.
Condos & Townhomes
The overbid percentage has gone down from 103 5% last year's October, to 97 2% this year
In Santa Clara County, the median sold price for single-family homes in October decreased month-over-month to $1.6 million. The number of homes sold decreased to 620, and the number of new listings also decreased to 572. The number of condo & townhome sales increased month-over-month to $893 thousand, with 221 unit sold and 269 new listings. Buyers are still being aggressive with their offer prices, with the median offer price continus to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand continues to rise, leading to a rise in sales prices, creating an imbalance between supply and demand.
620 Sold Listings
$1.6M
Median Sale Price
28
Avg Days on Market
The data, sourced from Broker Metrics, includes all single-family homes, condos, and townhomes in the California Area from October 2021 to October 2022. This may include preliminary data, and vary from the time the data was gathered. All data is deemed reliable but not guaranteed. Questions may be directed to KW Advisors. 415.483.9285 Palo Alto DRE# 01511642 Copyright KW Advisors 2022. Each Office is independently
269
New Listings
221
Sold Listings
1.7
Months of Inventory
$893K
Median Sale Price
98%
Median Sale vs List
36 Avg Days on Market
Single Family Homes
Last 12 months, year-over-year.
Condos & Townhomes
Last 12 months, year-over-year
Single Family Homes
The median sales price slightly decreased from $1 6m last year's October, to $1 6m this year
Condos & Townhomes
The median sales price increased from $857k last year's October, to $893k this year.
The average days on market has significantly increased from 17 days last October 2021, to 28 days this year's October.
Condos & Townhomes
The average days on market has gone up again from 23 days last year's October, to 36 days this year
Single Family Homes
The overbid percentage is down from 108.4% last October 2021 to 97.10% a year later.
Condos & Townhomes
The overbid percentage has decreased from 103 2% last October 2021, to 98% this year
