Communities | Atherton
About the Community of Atherton...
Atherton is named for Faxon Dean Atherton, a wealthy trader from Chile, who purchased 640 acres and established the first large estate in the area. The completion of the railroad in 1863 attracted other prosperous citizens of San Francisco, hoping to escape the summer fog. The Town was incorporated in 1923, and adopted stringent zoning regulations.
Atherton Highlights
| Population: | 7,188 |
| Elevation: | 59′ |
| Date incorporated: | 1923 |
| Number of homes: | 2,546 |
| Lowest sale price 2023: | $2,050,000 |
| Highest sale price 2023: | $40,000,000 |
| Average sale price 2023: | $9,568,622 |
As a result, Atherton retains the pastoral atmosphere enjoyed by those nineteenth century residents, with majority of properties in this exclusive zip code exceeding an acre. No sidewalks, an abundance of heritage oaks, and a ban on commerce, plus equal access to San Francisco and San Jose have made Atherton one of the most expensive addresses in the country. Atherton has been consistently ranked by a national magazine as one of the top five most affluent cities in the country.
2023 in Review | Atherton
The average price increased compared to 2022, by 1%, remaining well over the $9 million mark for the third year in a row. Keep in mind that any properties sold in Atherton off-market are not part of this review. Throughout the year, the highest average price was in the last quarter at $10,608,211; in the first quarter the average price was $10,265,053, then it fell to $9,360,130 in the second quarter and further down in the third quarter to $8,224,908, and then rebounding in the fourth quarter.
Median prices had an even more dramatic change by quarter, as seen in the graph. The highest median price, and record-breaking, was in the first quarter at $10,500,000. Prices then dropped to $7,500,000 in the second quarter, up to $8,009,500 in the third quarter, and then down again to $7,295,000 in the fourth quarter. Year-over-year, the median price was up less than 1% compared to 2022.
The highest end of the market was strong with 31 homes sold for more than $10 million on the MLS; this compares to 29 in 2022, 35 in 2021, 23 in 2020, and 19 in 2019. The highest priced sale on the MLS was $40,000,000 and was an all-time record; the highest price prior to this on MLS was $35,300,000 in 2015. The fourth quarter had 10 sales in this category. This was followed by the first quarter with 8 sales, the second quarter with 7 sales, and the third quarter with 6 sales for $10 million or more.
The number of homes sold over list price decreased significantly. There were just 11 homes, or 13%, that sold over list price compared to 41% in 2022 and 27% in 2021. There were also 11 homes that sold at list price and 61 homes, or 73%, that sold for less than list price.
In 2023, the total number of closed escrows in Atherton (per the Multiple Listing Service) totaled 83, up 12% from the 74 sales in 2022. There were 15 homes sold in the first quarter, 23 in the second quarter, 22 in the third quarter, and 23 in the fourth quarter.
The average days on market, at 63, was significantly higher than it was in 2022 when it was 27 and the lowest days per records dating back to 2000. Prior to this, average days on market ranged from 44 days to 108 days, which makes the days on market in 2023 more in the norm. Pricing was still key to how long a home was on the market. This direct correlation is seen with homes that sold for list price or more, which were on the market an average of 17 days; homes that sold for less than list price were on the market for an average of 80 days.
Important Atherton Phone Numbers
School Websites and Phone Numbers
| Las Lomitas School District | 650•854•2880 |
| Menlo Park School District | 650•321•7140 |
| Redwood City Elementary School Dist. | 650•423•2200 |
| Sequoia Union High School District | 650•369•1411 |
Communities | Menlo Park
About the Community of Menlo Park...
Though Menlo Park has its share of luxury properties, its character remains essentially modest. Charming, custom homes on pretty lots line quiet streets. The downtown business district offers a picture of suburban life as shoppers stroll beneath the trees, stopping for a sidewalk coffee, or an ice cream cone. Originally growing up around the train station, built in 1866 and a registered historic landmark, the City of Menlo Park was incorporated in 1927.
Menlo Park Highlights
| Population: | 33,780 |
| Elevation: | 72′ |
| Date incorporated: | 1927 |
| Number of homes: | 12,347 |
| Lowest sale price 2023: | $645,000 |
| Highest sale price 2023: | $11,900,000 |
| Average sale price 2023: | $3,223,857 |
The name was taken from the sign “Menlo Park, 1854” which was painted on the gate erected by two early settlers who emigrated from Menlough in Ireland. Today, the excellent school system and the strong sense of community have made Menlo Park a highly desirable place to work and live. Menlo Park is also headquarters for much of the venture capital money fueling the Silicon Valley economy.
2023 in Review | Menlo Park
The average sale price in Menlo Park reached another record high of $3,223,857. This represents a 4% increase compared to 2022 (and includes both single-family homes and condos/townhomes). As the year went on, the quarterly prices fell but remained above $3 million each quarter. The highest number was in the first quarter at $3,468,476; the second quarter was $3,265,587, then dipped to $3,210,470 in the third quarter, and was the lowest of the year in the fourth quarter at $3,007,878.
In 2023, the median sale price in Menlo Park fell from the record high of $2,800,000 in 2022 to $2,620,000 in 2023. This represents a 6% decline. The median price was the highest in the first quarter at $3,400,000, then dropped to $2,700,000 in the second quarter, further in the third quarter to $2,450,000, and then ended at $2,377,500 in the fourth quarter.
The highest end of the market was strong with 3 homes sold for more than $10 million. There were 28 homes that sold for $6 million or more, compared to 21 the previous year. Keep in mind that any Menlo Park properties sold off-market are not part of this review.
There were 135 homes, or 42%, sold for more than list price in Menlo Park, just about the same as it was for the previous two years. There were 33 homes, or 10%, that sold at list price and 157 homes, or 48%, that sold for less than list price.
The number of closed escrows in Menlo Park, including single-family homes and townhomes/condos, was 325, the lowest on records dating back to 2000. This represents an 11% decline from 2022 and 45% decline from the 594 sales in 2021. There were 61 closed escrows in the first quarter, 89 in the second quarter, 86 in the third quarter, and then 89 sales in the fourth quarter.
Homes took longer to sell with an average days on market of 27, an increase of 50% since 2022. The median days on market was 13 compared to 9 in 2022 when it was the lowest on records dating back to 2000. Pricing was still key to how long a home was on the market. This direct correlation is seen with homes that sold for list price or more, which were on the market an average of just 13 days; homes that sold for less than list price were on the market for an average of 43 days.
Important Menlo Park Phone Numbers
| Police Non-emergency | 650•330•6300 |
| Fire Non-emergency | 650•688•8400 |
| Building Permits | 650•330•6704 |
| Caltrain | 800•660•4287 |
| City Office | 650•330•6620 |
| Library | 650•330•2500 |
| Post Office | 650•323-2701 |
| Voter Registration | 800•345•8683 |
School Websites and Phone Numbers
| Las Lomitas School District | 650•854•2880 |
| Menlo Park School District | 650•321•7140 |
| Sequoia Union High School District | 650•369•1411 |
Communities | Portola Valley
About the Community of Portola Valley...
In Portola Valley, named for the Spanish explorer Gaspar de Portola, oak-studded meadows open onto vistas of San Francisco Bay and the unspoiled Coast Range. The area’s first settlement was the logging town of Searsville, founded in the nineteenth century. Farming and cattle ranching were the primary industries until the 1920’s.
Portola Valley Highlights
| Population: | 4,456 |
| Elevation: | 455′ |
| Date incorporated: | 1964 |
| Number of homes: | 1,895 |
| Lowest sale price 2023: | $1,088,000 |
| Highest sale price 2023: | $11,200,000 |
| Average sale price 2023: | $4,391,044 |
After World War II, the valley began to be developed, typically with modest, ranch-style homes on large lots. Long a preferred address of Stanford University professors, Portola Valley has made well-staffed, well-equipped public schools a top priority. The town was incorporated in 1964, with the goal of maintaining the rural ambience of the community, and preserving open space. Today, Portola Valley is known for its unpretentious lifestyle and small-town atmosphere.
2023 in Review | Portola Valley
The average sale price in Portola Valley reached another record high, crossing the $5 million mark for the first time to $5,341,106. This represents a 32% increase compared to 2021. As the year went on, the average price fell each quarter before rebounding slightly in the fourth quarter. In the first quarter it was $7,773,111 (because of a $25 million sale), in the second quarter it was $6,018,619, then it fell to its lowest at $3,608,923 in the third quarter, and finally settled at $4,491,266 in the fourth quarter.
The median sale price followed suit with a record high of $4,200,000 representing a 20% increase over 2021. The median price was the highest in the first quarter at $5,600,000, then dropped to $4,500,000 in the second quarter, further in the third quarter to $3,350,000, and then bounced back up to $4,050,444 in the fourth quarter.
The highest end of the market was strong with 3 homes sold for $10 million to $25 million on the MLS. Each was sold in the first half of the year. There were 14 homes sold for $7 million or more and all but 3 of those were sold in the first half of the year.
The number of closed escrows in Portola Valley declined 46% to 59 sales in 2022, following a record high of 110 sales in 2021. There were 9 sales in the first quarter, 21 sales in the second quarter, 13 sales in the third quarter, and 16 sales in the fourth quarter. Keep in mind that any Portola Valley properties sold off-market are not part of this review.
25 Portola Valley homes, or 42%, sold for more than list price, less than the 49% in 2021. 7 homes sold for list price and 27 homes, or 46%, sold for less than list price.
The average days on market, at 26, was the lowest on record dating back to 2006. Pricing was still key to how long a home was on the market. This direct correlation is seen with homes that sold for list price or more, which were on the market an average of 17 days; homes that sold for less than list price were on the market for an average of 36 days.
Important Portola Valley Phone Numbers
| Police Non-emergency | 650•363•4911 |
| Fire Non-emergency | 650•851•1594 |
| Building/Planning | 650•851•1700 |
| Caltrain | 800•660•4287 |
| City Office | 650•851•1700 |
| Library | 650•851•0560 |
| Post Office | 650•851•2560 |
| Voter Registration | 800•345•8683 |
School Websites and Phone Numbers
| Portola Valley School District | 650•851•1777 |
| Sequoia Union High School District | 650•369•1411 |
Communities | Woodside
About the Community of Woodside...
Woodside, as the name might suggest, began as a logging town centered around the Woodside Store. Beginning in the 1830’s, the local sawmills supplied the first growth redwood lumber used to build much of old San Francisco. As early as 1852, a regular stagecoach ran between San Francisco and Woodside, which by that time had developed into a community of farms, cattle ranches and vineyards.
Woodside Highlights
| Population: | 5,309 |
| Elevation: | 379′ |
| Date incorporated: | 1956 |
| Number of homes: | 2,157 |
| Lowest sale price 2023: | $855,000 |
| Highest sale price 2023: | $44,500,000 |
| Average sale price 2023: | $6,791,300 |
The forested seclusion of the area attracted well-to-do San Franciscans, who began constructing often-elaborate county estates, some of which still exist. Woodside was incorporated in 1956 with the purpose of limiting development and preserving the bucolic character of the Town. Today, most of the parcels in central Woodside are a minimum of three acres. Horses are a common sight, and there are several equestrian facilities, as well as miles of trails.
2023 in Review | Woodside
Woodside prices once again reached record highs in 2023. The average sale price in Woodside crossed the $6 million mark for the first time to $6,791,300. This represents a 14% increase compared to 2022. Prices by quarter varied dramatically based on when some very high-end properties sold. In the first quarter it was $8,722,750, in the second quarter it was $6,387,572, then it went back up to $8,071,342 in the third quarter, and then took a sizeable drop to $4,086,914 in the fourth quarter.
On the other hand, the median price declined 18% to $4,000,000. The median price was $3,657,500 in the first quarter, $4,500,000 in the second quarter, then reached a high of $4,975,000 in the third quarter, and the lowest in the fourth quarter at $2,300,000.
The highest end of the market was extremely strong with 13 homes that sold for more than $10 million on the MLS (and there were several others sold off-market). The highest priced sale on the MLS was $44,500,000, by far the highest on record. Of these 13 sales, 2 were in the first quarter, 3 were in the second quarter, 6 were in the third quarter, and 2 were in the fourth quarter.
There were 15 homes, or 24%, that sold for more than list price compared to 41% in 2022. Another 9 homes sold for list price and 39 homes, or 62%, sold for less than list price.
The number of sales, at 63, was down 11% compared to 2022 and down 52% from the all-time record high of 130 sales in 2021. There were just 10 sales in the first quarter, 21 in the second quarter, 19 in the third quarter, and 13 in the fourth quarter. Keep in mind that any Woodside properties sold off-market are not part of this review.
Homes took longer to sell at an average of 59 days; this represents a 48% increase compared to 2022 when it was the lowest on records back to 2001. The median days on market was just 26, double the all-time low record set in 2022. Pricing was still key to how long a home was on the market. This direct correlation is seen with homes that sold for list price or more, which were on the market an average of just 25 days; homes that sold for less than list price were on the market for an average of 80 days.
Important Woodside Phone Numbers
| Police Non-emergency | 650•364•1811 |
| Fire Non-emergency | 650•851•1594 |
| Building/Planning | 650•851•6790 |
| Caltrain | 800•660•4287 |
| City Office | 650•851•6790 |
| Library | 650•851•0147 |
| Post Office | 650•368•4163 |
| Voter Registration | 800•345•8683 |
School Websites and Phone Numbers
| Woodside School District | 650•851•1571 |
| Las Lomitas School District | 650•854•2880 |
| Redwood City Elementary School | 650•482•2200 |
| Sequoia Union High School District | 650•369•1411 |
