Second Quarter 2018 Market Trends
Peninsula Market Slows During Q2-And That’s Normal!
The super-hot Peninsula real estate market cooled slightly in Q2. As a result, the number of homes sold during the second quarter of 2018 in most communities was flat or down (see charts below). However, the number of multiple offers and percentage paid over-the-asking price remains high, indicating the market is still strong- just not as strong as Q1’18. Additionally, the median price of most homes on the Peninsula experienced double-digit gains on a year-over-year basis.
The current drop in the number of home sales does not mean the real estate cycle is beginning to change. The market usually slows down in June when children get out of school and families vacation during late June and July. The market usually picks back up in August, and remains strong until the end of October. But will the market strengthen in August this year? I think it will- watch my third quarter report for an update.
In the charts below, you’ll find 15 years of data for annual market activity and median sales price for Palo Alto, Los Altos, Los Altos Hills, Menlo Park and Mountain View. You can’t find this level of historical data all in one place anywhere else, so if you have any questions or wish to get more info about your community, don’t hesitate to contact me.