Market Overview and Analysis of Palo Alto, Menlo Park, Los Altos and Los Altos Hills for the month of July 2014

Silicon Valley is becoming one of the most multicultural communities in the U.S as the valley immigrant and venture investment continue to move into the Bay Area to seek opportunities despite the high cost-of-living factor. With S&P and NASDAQ hit all-time high, our real estate market in Silicon Valley will sure get benefit from our strong tech economy.

Finding a perfect home in one of our best neighborhood in the Bay Area is always an important question that comes on a buyer’s mind.

Below you will find the market summary analysis of some neighborhoods in the Silicon Valley where companies like Google, Tesla, Facebook, and Apple rule the tech economy. Most recently even the San Francisco 49ers have moved back to the Levi’s high-tech stadium in Santa Clara.

In Palo Alto, there are 29 sales transactions in July 2014. The average sales price was $3,328,579 and the median sales price was $2,438,000. The average sales price per sq. ft. was $1,198. The average sales price over list price is 111%.

The highest price home sold and the largest home sold was $19,880,000 [215 Lowell Avenue] – a landmark estate home in Old Palo Alto with 7 bedrooms and 6.5 baths with 12,346 interior sq. ft. on a 37,462 sq. ft. lot. The second highest home sold was $6,010,000 [655 Hale Street] – a completely renovated home with 5 bedrooms, 4 full baths and 2 half baths with an interior sq. footage of 3,297 on a 8,880 sq. ft. lot. This home was sold for $1,823 per sq. ft. The lowest price home sold was $1,200,000 [2150 Bowdoin Street] – a 2 bedroom 1 bath home with only 712 sq. ft. of living area on a 2,625 sq. ft. lot. The sold price per sq. ft. for this home was $ 1,685.

For Menlo Park, there are 45 sales transactions closed in July. The average sales price was $1,984,787 and the average price per sq. ft. sold was $975.00. The average sale over list price is 106%.

The highest price home sold was $5,300,000 [1 Princeton Road] – a newly constructed 3 level home with 6 bedrooms and 5.5 baths, located in the prime location of Menlo Park, Allied Arts /Downtown. The home has 4,711 interior sq. ft. and a 10,125 sq. ft. lot. The second highest price home sold was $5,012,900 [1319 San Mateo Drive] – is a 2 story home with 5,900 interior sq. ft. on a 20,605 sq. ft. lot located in central Menlo. The third highest price home was sold for $4,000,000 [850 Cambridge Ave] – a newly constructed home with 5 bedrooms, 5 full baths and 2 half baths. The home has 4,574 sq. ft. and a lot size of 7,500 sq. ft.

There were 29 sales transactions in Los Altos and 7 sales transactions in Los Altos Hill.
In Los Altos, the average sales price was $2,363,000 and the average sold price per sq. ft. in Los Altos was $974 per sq. ft. The average sales price over list price in Los Altos is 111%.

The highest price home sold in Los Altos was $3,550,000 [607 Covington Road] – a one story home built in 2006, and this home has 5 bedrooms and 4.5 baths with 3,802 interior sq. ft. on a 13,366 sq. ft. lot. The lowest price home sold in Los Altos was $1,660,000 [1734 Hawkins Drive] – this is a one story home with 4 bedrooms and 2.5 baths with 2,264 interior sq. ft. on a 10,043 sq. ft. lot.

In Los Altos Hills, the average sales price was $2,801,981 and the average sold per sq. ft. was $893.00. The highest price home sold was $3,328,000 [24240 Summerhill Avenue] – this single level home has 3,325 sq. ft. with 5 bedrooms and 4.5 baths on a 41,818 sq. ft. lot. The lowest price home sold was $2,220,000 [25750 Moody Road] – an older ranch home with 4 bedrooms and 3 baths with 2,573 interior sq. ft. on a 37,592 sq. ft. lot.