REAL ESTATE REVIEW

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Prices declined in Woodside in 2019, following a year of dramatic record high prices. The average price of a home dropped 19% to $3,672,149. This was $875,808 less than the average price in 2018 when it was a record high of $4,547,957. Since the economic downturn in 2009, when the average Woodside price was $1,986,344, the 2019 average price still represented a significant 85% increase.

The median price declined even more, dropping 27% to $2,550,000. This was almost $1 million less than the record high of $3,500,00 set in 2018 but still a 64% 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 $12.5 million to $16.75 million. There were 23 sales for less than $2 million, which contributed to the lower median price. Homes in Woodside sold slightly faster with an average days on market of 64 compared to 68 in 2018. There were 19 homes, or 29%, that sold in 2 weeks or less but there were also 12 homes that took more than 100 days to sell and as many as 451 days (which was for the highest priced sale in 2019).

Only 12 homes, or 18%, sold for more than list price compared to 31% in 2018. 8 homes, or 12%, sold for list price and 45 homes, or 69%, sold for less than list price.

In 2019, the number of sales increased to 65 in 2019 compared to 61 closed escrows in 2018. This represents a 6.5% increase. In comparison, in 2009, there were only 41 closed escrows, which represented the lowest total since we began writing this 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.