May Market Update

May 2023

Market Update

The number of new listings has dropped dramatically.  

In the Stanford Circle the number of sales is down almost 50% year/year. This is largely due to the "mortgage lock-in effect," i.e. owners with very low, long-term mortgages are reluctant to sell to then buy at much higher prevailing rates. 

This decline in new listings increases pressure on prices even in a reduced activity environment. Despite the doom and gloom predictions of a falling market, median sales prices have generally ticked up in 2023. Some uncertainty clearly continues with inflation, interest rates, stock markets, bank crises and high-tech layoffs. But, so far, the 2023 housing market has generally been steadily moving in a positive direction.  

For our buyers, while prices haven't declined as predicted by many, they are slowly and steadily increasing. When there is a change in the Fed's stance AND mortgage interest rates decline, there will  be many more buyers to compete against and even more upward pressure on prices.

For sellers, with so little inventory, a well-prepared home will garner a lot of attention and with prices starting to climb and average days-on-market dropping rapidly throughout 2023, this is still a good time to sell.

For more specific market data, click here:

Stanford Circle, San Mateo County, Santa Clara County

Neighborhood Spotlight

Atherton's Sound of Summer

The Sound of Summer concert series is coming to Atherton
June 1st, 8th, and 15th from 5:00-7:30pm at the
Atherton Town Center, 80 Fair Oaks Lane.

• June 1 — Jazz Night Featuring Five Ten Music
• June 8 — Cook'n Fenny Combo
• June 15 — Mercy and The Heartbeats

No registration is needed. There will be a featured food truck each week!

Coming Soon

OLD PALO ALTO

Single Family Home on a
7,500 sqft Lot

PESCADERO

Sprawling Oceanfront Home with Beach Access

Our Listings

Downtown Palo Alto

555 Byron Street #410

3 BD   2 BA   1546 SF   $1,395,000

Price just reduced on this prime top-floor three bedroom unit at The Hamilton, the most elegant life style complex in Palo Alto for adults 55 years of age and older. This fine three bedroom and two bath condominium has a private balcony facing the quiet, light-filled inner courtyard, a beautiful living/dining room with fireplace, well-appointed kitchen, master bedroom suite with walk-in closet and an en suite master bath, and two additional bedrooms with built-in bookcases.

www.555Byron410.com

Pending

Menlo Oaks

886 Berkeley Avenue

4 BD   3 BA   2200 SF   $4,200,000

Recently Sold

Los Altos Hills

26970 Orchard Hill Lane

Listed at $15,000,000

Represented Seller

Menlo Park

300 Sand Hill Circle #303

Represented Seller

Central Menlo Park

9 Politzer Drive

Represented Buyer

Stanford

753 Frenchmans Road

Represented Buyer

Cupertino

21190 Canyon Oak Way

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.