REAL ESTATE REVIEW

Woodside Market Remains Sluggish

During the first three months of 2009, the reported average sales price of a home in Woodside fell to $1,993,100, down from $2,049,214 in the last quarter of 2008. In the second quarter, prices continued to decline to an average of $1,792,269. By comparison, the average sales price in the first quarter of 2008 was an unprecedented $4,058,429, over $2,000,000 more than the 2009 figure. There were just 5 reported sales in Woodside during the first quarter of 2009, 9 fewer than the first quarter of 2008. In addition, the 13 reported sales in the second quarter, when measured against the 16 reported sales during the same three months in 2008, suggest that the Woodside market remains sluggish.

Historically, Woodside properties have taken at least two months to sell. In the first three months of 2009, properties remained on the market for an average of 92 days, less than half the time as in the first three months of 2008, when days on the market averaged 221 days. The second quarter lengthened the average to 131 days on the market, as compared to 64 days on the market in the second quarter of 2008. As of the middle of July, there were 55 homes listed for sale in the Multiple Listing Service, ranging in price from $868,000 to $29,500,000. 26 properties are listed for under $2 million, 23 are listed at between $2 and $5 million, and 8 are listed over $5 million.*