REAL ESTATE REVIEW

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Following the record high price in 2016, the average sale price of a home in Woodside pulled back to $3,021,096 fueled by the number homes that sold for less than $2 million. Of the 69 sales, 32 of them, or almost half, sold for less than $2 million and 7 sold for less than $1 million, all contributing to the decline in average. On the higher end of the market, there were six sales for more than $6 million and two sales for more than $11 million.

While the average price in 2017 was $1,024,928 lower than the high of $4,046,024 in 2016, a 25% decline, it is still 52% higher than the recession low in 2009 when the average Woodside price was $1,986,344.

With so many homes selling for less than $2 million, it’s no surprise that the median price of a property in Woodside also declined. The median price of $2,300,000 was $425,100, or 16%, lower than the record high set in 2016 at $2,725,100. However, since the most recent low in 2009 when the median price was $1,555,000 after the recession, in 2017 the median price was 48% higher.

Although prices were lower, homes also sold much more quickly in 2017 with an average of 52 days on market. This compares to 74 days in 2016 and ties with 2015 as the lowest number of days on market in current records dating back to 2001. There were 5 years during that time that the average days on market exceeded 107.

In 2017, the number of sales declined from the 73 closed escrows in 2016 to 69 in 2017. This represents a 6% 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 most recently in 2013 and 2014 when there were 106 and 107 sales, respectively.

There were many homes in all price ranges that sold for more than list price in 2017. Of the 69 homes sold, 21, or 30%, sold for more than list price and by as much as 20% more.