With the election behind us, the market continued business as usual…or did it? While the market remained strong, a slight shift in fundamentals (increased inventory and longer days on market) lead to a slight easing in average market price. There were eleven closed sales in the Willows with an average price of $1,908,091. The highest priced sale was 331 Oak Court, a completely remodeled and expanded home with a separate cottage which sold for $3,400,000. Other than the election, the other big news was interest rates crept up and we ended the year with the 30 year fixed over 4%. While this is an exceptional change from last year, the sense is it will not have a large impact on sales.
In other news, the Menlo Park City School District opened the Laurel Upper Campus with a well-attended and well-received community event. The school serves grades 3-5 and has been designed to encourage pedestrian access. The culmination of years of planning, The Laurel Upper Campus brings much relief to overcrowding at Encinal and Laurel Lower Campus in a contemporary, built for 21st century learning style campus.
We began 2017 with a lower than usual inventory and what appears like a strong buyer pool fueled by high paying tech jobs and resolved to the current interest rate and political landscape.