Q2 2016 The Willows Market Update

Q2 2016 The Willows Market Update

The Willows is a large, eclectic neighborhood with a wide variety of different housing styles. There are a few turn of the century Craftsman homes, many early 20 century bungalows, mixed in with post-War ranch homes, and in the last ten years some large, spec/custom built homes have cropped up. Lot sizes vary from under 4,000 sf to more than a half acre. This wide variety, part of the neighborhood charm, makes comparative statistics somewhat unreliable. Results depend on what comes on the market and what sells.

While statistics may bounce around, one thing is constant in the Willows: A tight knit, progressive community which works together to have an ever better neighborhood. The latest topics of debate are the many aspects of constructing and assimilating a new elementary school into this bustling neighborhood. In late Fall 2016 the Upper Laurel Campus will open to serve grades 3-5 taking the swollen enrollment burden away from Encinal and Lower Laurel Elementary Schools. Having its own neighborhood school is the next step in the evolution of this well located, charming neighborhood.

Getting back to the statistics, the Willows mirrored the market in the rest of Menlo Park and the Mid-Peninsula: prices stay strong while some fundamentals start to shift towards normalcy. The average sales price was down from the June of 2016 but some individual sales show the continued strength in the first half of 2016: a 1,180 sf house on a 13,599 sf lot sold for $2,605,000; a 1,550 sf house on a 3,781 sf lot sold for $2,005,000 and a home on Russell Court which had been on the market three previous times in the past five years was the highest priced sale in the neighborhood for the period at $2,900,000.

As has been the trend over the past few decades, things continue to look up for The Willows. Look for savvy buyers to take advantage of a slightly slower pace in the second half of 2016 while sellers continue to command and receive top dollar for their homes.

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