Dramatic record high prices were reached in Woodside in 2018. The average price of a home reached a new high of $4,547,957, representing a 51% increase over 2017. This is $1,526,861 more than the average price in 2017 when it was $3,021,096. Since the economic downturn in 2009, when the average Woodside price was $1,986,344, this represents a significant 129% increase. The median price increased even more, rising 52% to a record high of $3,500,000. This is a 125% increase since the recession low in 2009 when the median price was $1,555,000. Keep in mind that any properties sold in Woodside off the Multiple Listing Service (MLS) are not part of this review.
The high end of the market was strong with three sales for $11 million to $20 million – all contributing to the average price increase. While prices were higher, it took longer to sell a home in Woodside during 2018 with an average of 68 days. This compares to 52 days in 2017, which was the lowest number of days on market in recent records dating back to 2002. There were 5 years during that time that the average days on market exceeded 107.
The demand for homes in Woodside was evidenced by the number that sold for more than list price. Of the 61 sales, 19 sold for more than list price, which represents 31%. Eight homes sold for a double-digit percent increase over list price, by up to 23%.
In 2018, the number of sales declined from the 69 closed escrows in 2017 to 61 in 2018. This represents a 12% decline. In comparison, in 2009, there were only 41 closed escrows, which represented the lowest total since I began writing my real estate review in 1999. The highest number of sales in recent years was in 2004 when there were 108 sales and more recently in 2013 and 2014 when there were 103 and 107 sales, respectively.