The Willows: 2015 Year In Review
The Data:
On an annual basis, the median sales price of single family homes in the Willows for 2015 was $2,000,000, a 19% increase over last year. Out of the 40 sales during the year, 4 were over $3,000,000 and 6 were spec homes.
Taking a step back and looking at the trend line over the past 10 years, the median sales price in the Willows grew 57% over the prior peak of $1,275,000 in 2008.
Significant Sales in 2015 Include:
104 Laurel Ave. (5 bd, 3 1/2 ba, 3,246 sf, 9,830 sf lot) New construction in contemporary style with high end finishes, sold for $3,800,000.
145 Laurel Ave. (3 bd., 2 ba. 2,340 sf. 10,752 sf lot) Updated home on a large lot with a separate guest room in the backyard, sold for $3,301,000.
1357 Woodland Ave. (4 bd. 3 1/2 ba. 2,907 sf. 8,792 sf lot) New construction in transitional style sold for $3,100,000.
The above sales were large homes (a couple brand new) on large lots for the neighborhood. Much of the housing stock in the Willows are smaller bungalows on 5,000-6,500 sf lots. The location of these homes within the neighborhood really drives the valuation, and as seen in the following sales from 2015, the entry-level home in a prime location in the neighborhood is over $2,000,000.
340 Trenton Way (3 bd. 2 ba. 1,400 sf. 5,650 sf lot) Updated bungalow on a quiet street in a prime location in the neighborhood sold for $2,128,000.
336 Concord Dr. (3 bd. 2 ba. 1,520 sf. 6,000 sf lot) Updated bungalow on a quiet street in a prime location in the neighborhood sold for $2,125,000.
Housing inventory in the Willows declined 33% in 2015, in-line with the trend we are seeing across all Menlo Park neighborhoods.
What does this mean for buyers?
The Willows neighborhood is a wonderful place to live, I know as I lived here with my family for 7 years. The tight knit community, neighborhood amenities, highly rated Menlo Park schools and proximity to downtown Palo Alto and highway 101 for commuting make this an ideal neighborhood to live in. However, inventory here is tight and demand is high. To get a home in this neighborhood you need to be ready to act fast, do your homework and have strong valuation guidance to make your competitive, yet smart offer quickly.
What does this mean for sellers?
If you are thinking about selling your home in this area in the next couple years, the time to act is now as home prices are at record levels. There are many buyers targeting the Willows neighborhood who are anxiously awaiting inventory and now is the time to prepare and list your home to capitalize on our low housing inventory.
If you would like to receive listing alerts for a particular neighborhood to stay on top of the market, contact me and I can get you set up for free.
