March Newsletter

March 2023
Newsletter

Market Update

The Silicon Valley Bank collapse is significant for the U.S. economy in general, but especially for our tech-heavy region and the businesses here, many of whom were long-time clients of SVB.  The impact of SVB’s demise may cause the Federal Reserve to cancel its planned interest rate hikes, at least in the short term. It’s too soon to predict exactly how all this will affect our region and our local real estate market, but we will be watching it very closely.

Bank news notwithstanding, 2023 has been promising as we're seeing a rebound in buyer activity with very busy open houses and properties going into contract quickly and with multiple offers.  We’ve also been seeing more all-cash offers as those with cash who have been waiting for more attractive prices, have been moving forward.

For many reasons, not the least of which are the huge rainstorms we have been having, sellers have waited to put their homes on the market. Thus there is very low inventory so sellers who have been waiting for the rains to end, should consider this spring market a good time to sell. We are working on several listings to bring to market and are advising our sellers to prepare their properties for buyers who want turn-key homes that they can move into and enjoy right away.

Buyers who have been watching the market should be prepared to move quickly when they find their ideal properties. We don’t see a large increase in inventory, nor meaningfully lower interest rates, coming anytime soon.

For more specific market data, click here:

Stanford Circle   San Mateo County   Santa Clara County

Neighborhood Spotlight

The Los Altos Village Association Presents 
The St. Paddy's Beer Stroll

Sample local craft beers and enjoy live music at the
St. Paddy’s Beer Stroll on 
Friday, March 17, 2023 from 6 – 9 pm in Downtown Los Altos

Click here to purchase tickets!
*Those who will not be tasting beer do not need a ticket*

Our Listings

555 Byron Street #410, Palo Alto

$1,600,000  |  3 Beds  |   2 Baths
Prime top-floor unit at The Hamilton, the most elegant lifestyle complex in Palo Alto for adults 55+.

www.555Byron410.com

Coming Soon

Menlo Park

4 Bedroom, 2 Bathroom Custom-Built Home on a Quiet 22,000+ sf lot!

Menlo Park

3 Bedroom Condominium with Views of the East Bay. All on one level and feels like a Single Family Home!

Call us for more details:

Monica: 650-465-5971
Mandy: 650-823-8212

Pending

21190 Canyon Oak Way, Cupertino

$4,600,000  |  5 Beds  |   3.5 Baths
Lovely one-level home with vaulted ceilings, a beautifully landscaped garden and outdoor patio/kitchen.

Recently Sold

2140 Santa Cruz Avenue B302, Menlo Park

Represented Seller

151 Melville Avenue, Palo Alto

Represented Seller

9 Politzer Drive, Menlo Park

Represented Buyer

1990 Sharon Road, Menlo Park

Represented Seller

506 Quartz Street, Redwood City

Represented Buyer

140 Stone Pine Lane, Menlo Park

Represented Seller

Monica Corman & Mandy Montoya

Monica: 650-465-5971
monica.corman@compass.com

Mandy: 650-823-8212
mandy.montoya@compass.com

Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics - such as "active listings," "days on market," and "months supply of inventory" - differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won't be reflected in the data. "Homes" signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, or their MLS areas, unless otherwise delineated. Multi­county metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.

Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, "bonus" rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.

Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.