Unusually low inventory persists in the Willows neighborhood through the third quarter of 2016. During the period from July 1st through September 30th only 7 homes were listed for sale. For comparison, during the same period in 2015, 14 homes were listed for sale and in 2014, 17 homes were listed for sale. The average days on market dropped 17.5% from the previous quarter. Having said all that, the market was tempered by stock market jitters, unknowns in the world and local political environment, and the typical summer slowdown. The average price was basically flat quarter to quarter.
In other news, the Menlo Park City School District failed to pass two parcel taxes; one would have made permanent a previous parcel tax and the other would have increased funding for the school if and when enrollment increased. While these taxes were not successful, the school did press on and complete construction of the Laurel Upper Campus which eventually opened 10/17/16. Neighborhood advocates worked closely with the city to create a safe route to school including new sidewalks, signage and crosswalk striping. Additionally, the commercial strip that houses popular neighborhood destinations such as Habibi Salon and Café Zoe sold for a second time in the past few years for $1,864,000.
As the year draws to an end, all signs are pointing to a strong fourth quarter and spring 2017. With continued low inventory, low interest rates and the election behind us, we expect strong sales and appreciation.