San Mateo & Santa Clara Counties comparison sales from 2014 to 2015 were down in units and up in dollar volume in every city I observed with the exception of Redwood City & Los Altos which marked a 10% & 5% increase in units sold respectively. This reflects a lack of inventory and a high appreciation we have continued to see since we started rebounding after the 2008 crash. Predictions for 2016 seem to be more of the same, with possible appreciation leveling out in the high single digits. Housing market fundamentals are strong, job and income growth are positive, mortgage rates are low and should remain low in 2016, lending standards are more reasonable then they have been a year ago, and household formation is rebounding. Overall 2016 should prove to be a year similar to 2015. Fingers crossed! It is an election year though and historically the housing market waits to see the outcome.
Here are the Stats:
2014 -2015 Year End Totals
City YTD 2014 YTD2015 %Change
Atherton
# of Sales 105 76 -27%
Median Price $4.4M $5.9M +34%
Menlo Park
#of Sales 438 384 -12%
Median Price $1.6M $1.9M +15%
Los Altos
# of Sales 331 349 + 5%
Median Price $2.3M $2.6M +14%
Los Altos Hills
# of Sales 96 94 – 2%
Median Price $3.3M $3.6M +10%
Palo Alto
# of Sales 471 412 -13%
Median Price $2.1M $2.5M +15%
Portola Valley
# of Sales 85 62 -27%
Median Price $2.5M $2.6M + 7%
Redwood City
# of Sales 627 690 +10%
Median Price $975K $1.2M +25%
San Carlos
# of Sales 383 307 -10%
Median Price $1.3M $1.5M +16%
Woodside
# of Sales 105 94 -10%
Median Price $2.4M $2.7M +13%