City Market Conditions
Average Sale Price
$10,000,000 $9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0
Atherton
Los Altos
Los Altos Hills
Menlo Park
Mountain View
Palo Alto
Portola Valley
Redwood City
Sunnyvale
Woodside
01/2019 - 12/2019
Average sale price for single-family homes from 01/2020 to 12/2020,
01/2020 - 12/2020
compared to the period from 01/2019 to 12/2019.
Price/Square Foot Ratio $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0
Atherton
Los Altos
Los Altos Hills
Menlo Park
Mountain View
Palo Alto
Portola Valley
Price per square foot ratio for single-family homes from 01/2020 to 12/2020, compared to the period from 01/2019 to 12/2019.
Redwood City
Sunnyvale
Woodside
01/2019 - 12/2019
01/2020 - 12/2020
Data gathered from the Multiple Listing Service on 01/15/2020
2 | D E LEO N RE A LT Y.CO M
Table of Contents 04.
The Sizzling Second Home Market
06.
Understanding Proposition 19
THE
DELEON INSIGHT OU R OFFICES A RE LO CAT ED AT : 1717 Embarcadero Road, Palo Alto, CA 94303 650. 543. 8500 www.DELEON REALT Y.co m DRE #0190 3 2 2 4 Man agin g Bro ker: M i c h a e l Re pka DRE #018 5 48 8 0 Founder — Ken DeLeon CEO & General Counsel — Michael Repka Corporate Counsel — Colette Thomason CONTRIBUTORS: Ken DeLeon, Michael Repka, Andrew VanSlyke, Steve Milender, and Maedeh Ziaei Moayyed Contact Ken DeLeon for exceptional buying opportunities at 650.543.8501 DRE #01342140 To learn about our Platinum packages and incredible listing services for sellers, contact Michael Repka at 650.900.7000 DRE #01854880
By Ken DeLeon
By Andrew VanSlyke, Esq.
08.
Custom Homes— A Great Decision But A Questionable Investment
By Michael Repka
14.
Pandemic Trends
18.
Update on Evictions During Coronavirus
21.
Renovating for A Pandemic Lifestyle
23.
Mortgage Lending 2021
By Steve Milender
By Ken DeLeon
By Andrew VanSlyke, Esq.
By Maedeh Ziaei Moayyed
D ELEONREA LT Y.COM
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Napa and Sonoma Counties The powerful impact of the pandemic almost made me forget about the past fires in Napa and Sonoma. It seems I was not the only one as home buyers’ interest in the areas sparked a renaissance of demand for Napa homes from June through September and prices rose significantly. However, the Glass Fire in October, which consumed more than 630 residences and wine country icons such as the Restaurant at Meadowood and Calistoga Ranch, left their mark. Thus, while prices did go up in 2020, the appreciation is less than other regions due to the ongoing and seemingly worsening threat of wildfires. With climate change likely exacerbating an already arid climate, I am pessimistic on the appreciation potential of the Wine Country. My only recommendation to purchase a second home there is reserved for those clients who can pay all cash and afford the risk of selfinsuring, thereby avoiding the astronomic costs of fire insurance, which can range from $20,000 to $100,000 annually on estate properties. While home prices in Napa and Sonoma County increased by 7% in 2020, we forecast much lower appreciation for 2021 as the wild fires seem like an inherent and frequent risk endemic to this housing market. Santa Barbara and Montecito My love affair with real estate began whilst studying Mathematics and Economics at UCSB, where I would exhaustively analyze local market data of the area. I always felt this area was undervalued relative to other elite areas such as Aspen, Atherton, or Newport. Within Silicon Valley, affluent buyers pay in
excess of $20M to $30M, yet only acquire a little over an acre in Atherton with a newer home. In addition to a more tropical climate, you get a lot more home for your money. To point to this reality, take a Montecito estate, owned by a cofounder of Kleiner Perkins, which sold in December 2020 for $32M. Several of my clients expressed envy at the relative affordability of this palatial offering, a very gracious Renaissance inspired Villa of nearly 20,000 square feet on 12 flat acres. Despite the area’s experiences with natural disasters as evidenced in the, fortunate contained, fire in Montecito, but later tragic mudslides that killed 23 people and destroyed many homes, hundreds of millions of insurance dollars were used to address the root causes of the erosion and debris flow. With the insurance proceeds judiciously used to eliminate many of the fixable causes of the mudslides, the likelihood of future mudslides is extremely low. Though prices took a hit after the mudslides, the area saw a strong increase in 2020 and my assessment is that favorable appreciation will continue as Bay Area entrepreneurs and venture capitalists increasingly recognize that the stunning American Riviera can be reached in less than an hour by private jet. Typically, a second-home market for LA residents, agents are reporting burgeoning interest from Silicon Valley buyers. With average sales prices increasing by 16% in 2020, this market still seems poised for double-digit appreciation in 2021. Recently, I enjoyed flying down in an aircraft and showing clients beautiful oceanfront homes at relatively reasonable prices.
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THE DELEON INSIGHT
UNDERSTANDING
PROPOSITION 19
By Andrew VanSlyke, Esq.
The presidential race may have gotten the most attention this past November, but there were some big changes made to California property tax laws this election. The principal change was the passage of Proposition 19, which has created a number of new rules surrounding how residential property will be taxed going forward. This is a complicated provision, with multiple discreet sections, but all homeowners should be aware of the key provisions. Transfer of Property Tax: California homeowners may already be familiar with propositions 60 and 90, which have provided tax benefits to individuals 55 and over who sell their homes. Effective April 1, 2021, Prop 19 will expand these benefits in a few significant ways. Prop 19 will allow homeowners who are 55 and older, or have a qualifying disability, to transfer the property tax assessment from their current primary home to the
6 | D E LEO N RE A LT Y.CO M
purchase of a new primary residence anywhere in the state. A homeowner’s current tax assessment can still be transferred to the purchase of a less expensive home, which is already permitted under the current tax framework, but now they will also be able to transfer their tax assessment to a more expensive home, although there will be an upward adjustment in taxes to reflect the increase in price. The number of times that a tax assessment can be transferred will also increase from one time to a total of three times. The ability to keep a low tax assessment while purchasing a more expensive property, up to three times, is a huge boon for homeowners who may have previously put off a new home purchase because they did not want to lose their relatively low yearly property tax assessment.
R E A L E S TAT E TA X
Parent to Child-Transfer: Beginning February 16, 2021, Prop 19 will restrict the parent-to-child and grandparent-to-grandchild tax exemption for inherited properties. Under the current tax code, a parent or qualifying grandparent can transfer their primary residence to their children without the home’s yearly property tax assessment resetting to market value, and the parent or grandparent can exempt the first million from re-assessment when transferring a non-principal residence. Prop 19 eliminates this exemption in almost all cases except for one. If the parent or grandparent transfers their principal residence to their child, and the child will use the property as their principal residence, they can retain the current yearly tax assessment. However, if the current market value of the transferred home exceeds the property’s assessed taxable value by more than $1 million then there still would be an increase in the yearly tax assessment, although the increased tax assessment would be lower than market value. Parents who plan on leaving their property to their children should be aware of this new change, as it may have a significant effect on planned inheritances, as the cost of holding onto a property may go up sharply if the home has an especially low assessed value.
Fire Response: The final component of this proposition is that most of the new funds raised from increases in property taxes will be spent on fire protection. Additionally, victims of fires will be able to transfer their property tax assessments to a new home, even if they are under 55. This increase in revenue will be a great help to California’s yearly struggle with wildfires, and the ability to transfer a low tax assessment will certainly help those who wish to move after a fire. Overall, this new proposition can be complex, and this article is only scratching the surface of these new changes. If you want any additional information or clarification on Prop 19 please reach out to us. DeLeon Realty is always happy to assist in explaining these new changes in greater detail! Michael Repka, the head of the DeLeon Listing Team, is a Tax Attorney and he has conducted several well attended webinars on the impact of Prop 19.
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Details of 27500 La Vida Real
CUSTOM HOMES A GREAT DECISION BUT A QUESTIONABLE INVESTMENT By Michael Repka
There is something truly special about building your own dream house from the ground up. You get a say in every decision, craft the perfect floor plan for your family, and create something that is uniquely your own. However, custom homes can be very expensive in more ways than one. In fact, building a custom home can be a below average investment when compared to purchasing a brand-new Spec home or a preexisting home. The first question some may ask is “what is the difference between a custom home, and a ‘Spec’ home.” In some ways, it’s similar to the difference between buying a bespoke suit from a custom tailor on Saville Row or an “off-the-rack” suit from a good designer, such as Brioni or Zegna. While both suits are nice and fit well, but a custom suit will be
8 | DE LEO N RE A LT Y.CO M
perfectly tailored to its owner and likely be made of higher quality fabric. Custom home A custom home is just that: Custom. Everything, from the floorplan to the materials, to the technology is designed specifically to suit the owners’ needs and wants. Experience shows that people desiring something that is very difficult to find and unique to them often love building custom homes. However, the more unique the property’s design, the more difficult it will be to find an equally unique buyer when it is time to sell. Spec home Spec is short for speculation. This is where a builder or investor purchases a piece of land and builds a home “speculating” as to what a buyer would want. Experienced builders tend to create floorplans that
March 2021
are of mass appeal, strike a balance between quality and price when it comes to materials, fixtures, and appliances. In other words, the quality of the home is typically lower than that of a custom home, but the general desirability applies to a broader crosssection of the buyer pool. What causes custom homes to be so expensive? Custom homes are often commissioned by very wealthy people who are used to the finer things in life. Generally, they anticipate living in the home for a very long time, so they want every detail to be perfect as they are building their dream home. The problem is that it could become very expensive to make every decision with the focus on getting the very best rather than a pragmatic approach to value and resale considerations. The solution One alternative for the very affluent and very sophisticated luxury home buyer is to look for homes that were built to an extraordinarily high standard, utilizing the finest materials, appliances, and set on the perfect location that also tend to fit their personal tastes and needs. While some of these homes may have characteristics designed for the seller, if those quirky characteristics work for you, you may be able to pick up one of these extraordinary properties for considerably less than it would cost to build brand new. Some examples A few years ago, I had a listing that was located very close to the Village of Los Altos, but it was on an extraordinarily large piece of land and the property was of incredible quality. It was built by RJ Dailey, undoubtably one of the area’s top custom home builders. The details were exquisite, from curved walls of glass, to incredible stonework throughout. However, the perfect floor plan for the original owner called for a relatively small kitchen and bedrooms distributed across the large estate. Multiple agents had this listing before I took it over and they were unable to sell it. We did sell it for a price that the seller was happy with, but that price fell far short of the cost to rebuild.
27500 La Vida Real, Los Altos Hills One of the fringe benefits of my job is that I regularly tour some of the finest estates in the country. I have never once been in a home I found as mesmerizing as our listing at 27500 La Vida Real. Unfortunately, this amazing 21,000 square-foot home set on 8 acres (including a dedicated conservation easement that serves as a privacy buffer) falls in the category of homes that were built to such an extremely high standard that buyers could not possibly appreciate all of the details. This home has incredible woodwork, stonework, materials and views. It even has an indoor pool with a retractable roof and entirely separate office structure. However, decisions such as spending millions of dollars on custom-made windows and millions more on unseen internal systems caused the construction cost to soar to levels that are not recoverable. In fact, we have this property listed for $39 million whereas the original cost of construction was probably closer to $50 million. This is not to say that a buyer has to spend $39 million in order to get an incredible value on an extraordinary custom home. Rather, buyers should make sure that they consider the difference in construction quality so that they can purchase a really well-built home done to the custom standard rather than a lower quality home that may be cosmetically beautiful. Ken has personally purchased two custom homes and recommends that his clients purchase custom versus spec homes as well.
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THE DELEON INSIGHT
PANDEMIC TRENDS By Ken DeLeon
The pandemic ushered in unforeseen consequences that are impacting consumer tastes and housing market valuations with unprecedented celerity. This article explores the trends caused by the pandemic that will have both positive and negative ramifications upon the Silicon Valley housing marketplace. While it is too early to tell how these trends will impact local housing prices in the long run, they boosted both home values and the number of sales in 2020. As we enter 2021, we are in a period of greater uncertainty than ever before, but we are hopeful that the resilience of Silicon Valley home prices will allow our market to continue holding up as the following housing trends unfold: 1. The pandemic has made technology companies become more valuable. Many experts have hypothesized that the pandemic accelerated technological adoption by as much as a decade. New societal norms now include Zoom meetings, Netflix movies, DoorDash dinners, and overall, more time for social media and internet searches. Tech separating itself from all other industries is evidenced by the Nasdaq gaining 44% in 2020 versus just a 6% increase in the Dow. Many prime Silicon Valley stocks fared
14 | D E LEO N RE A LT Y.CO M
even better in 2020, with Apple gaining over 80%, Tesla gaining an unprecedented 700%, and IPOs such as DoorDash and Airbnb also doing well. The greatest predictor of future appreciation in Silicon Valley historically has been the Nasdaq's rise or fall, so rising stock prices in 2020 bode well for rising home prices here in 2021. Note that this is a bifurcated recession. While unemployment is relatively high at 6.7% and could go higher, those who are losing their jobs are generally not techies in Silicon Valley, but rather those concentrated in the retail and hospitality sectors. The continued success of tech workers has helped California tax revenues, which were $26 billion above projected levels due to increased stock prices and capital gains taxes received. The increase in unemployment paradoxically coupled with rising tax revenues from stock sales illustrates the bifurcation of this downturn. 2. Residential real estate as an asset class will appreciate in value, whereas commercial and retail real estate will decline. Think of real estate in sectors. Commercial real estate values are already declining as
March 2021
more workers prefer and already are working partially from home. Retail is in trouble as more buyers are becoming more comfortable with e-commerce. As less time and money is spent on commercial and retail real estate, this will translate into more time and money being spent on residential real estate, which will further benefit home prices. The home has been redefined as a family sanctuary and now an office. As people are forced to and become more comfortable with staying at home, they realize they want larger homes with more optionality. As 2021 begins, there is a dearth of inventory in Silicon Valley and high demand, therefore it is projected that home prices will continue to increase over the next few months.
3. There is an exodus out of the crowded urban cities like San Francisco and New York, resulting in an increased buyer demand in the less dense suburbs, including Silicon Valley suburbs. The media sometimes combines San Francisco and Silicon Valley; however, they are very different living experiences and housing markets. Silicon Valley suburbs are much less dense and offer more land and privacy. The hillside communities in Silicon Valley have done very well during the pandemic, driven by an increase in buyers who have and will continue to flee denser urban environments in favor of suburbs for greater space and a higher quality of life. Technology companies and their employees are often exiting San Francisco and coming back to Silicon Valley. It is helpful to note that the companies that have adopted the most aggressive work from home models (e.g., Twitter, Salesforce, Square, Slack) tend to be in SF or NY, where the most densely packed office buildings are located, versus the expansive nature of Silicon Valley’s sprawling commercial campuses.
4. Mortgage rates are at an all-time historic low. Before the pandemic, rates were at 4.25% for a 30year mortgage. Today, however, rates are as low as 2.875% for a 30-year fixed mortgage. In response to the cooling of the economy due to the pandemic, the Federal Reserve has been actively trying to lower rates. Buyers should act quickly, as rates are now starting to rise again.
5. Housing inventory is near record lows as sellers do not need to sell in this downturn. A fundamental difference between the 2008 “Great Recession” and this economic downturn is that in 2008 it was the implosion of the housing market that precipitated the recession. Conversely, in 2020 when we entered the pandemic, the housing market was strong, and the trends wrought by the pandemic made it even stronger. In fact, instead of being a drag on the economy, the strong housing sector and tech are the two brightest sectors in the Covid economy. Continued on next page D ELEONREALT Y.COM
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THE DELEON INSIGHT
Pandemic Trends
One large trend that will negatively impact Silicon Valley home values is the ability to more readily work from home. Many economists have suggested that the pandemic accelerated tech trends that were already occurring and that over the next 2 years, we may see 10 years’ worth of tech adoption. Other trends that may have been accelerated include working from home in general and leaving the Bay Area. Back in 2018, nearly half of the techies surveyed said they planned on leaving the Bay Area in a few years. The pandemic precipitated many to take this opportunity to finally move out and they may not be coming back.
be permanent. Many tech titans such as Google are exploring “flexible work week options,” where employees will spend three “collaboration days” on campus. This new normal is viewed as optimally providing the creativity boost that synergistic teams generate while giving employees the freedom to control the majority of their schedules.
The exodus out of California is very real and has been chronicled in many articles. Just a week ago, U-Haul released their 2020 data and California had the lowest percentage of all 50 states of inbound moves. The top states for incoming residents are as anticipated, all low-cost states, including Texas, Florida, Nevada, Tennessee, and Wyoming.
It is too early to tell how the trends wrought by the pandemic will permanently impact the Silicon Valley housing market. Although the vaccine will eventually put the pandemic behind us, the new freedoms of working from home and the mindset that it is not as essential to live in Silicon Valley may pervade well beyond the pandemic. At DeLeon Realty we are constantly analyzing the market and with having more economic training and analysis (for example, my being an adjunct Economics Professor in the past), we will be able to spot and analyze trends and accurately extrapolate their trajectory to provide clients with the best advice in our rapidly changing housing market.
The question that is unanswered is whether tech workers will return to Silicon Valley or whether their moves to “Zoom Town” second home markets will
Go to deleonrealty.com to sign up for our frequent webinars to learn the latest in housing trends or tax changes.
16 | D E LEO N RE A LT Y.CO M
THE DELEON INSIGHT
UPDATE ON
EVICTIONS DURING CORONAVIRUS By Andrew VanSlyke, Esq.
There have been a number of statewide orders related to the coronavirus, and local landlords and renters should be aware of one significant piece of coronavirus legislation that just had a big update. In order to help tenants over the past year, California enacted the COVID-19 Tenant Relief Act, which temporarily protected qualifying residential tenants, who lost their income due to the coronavirus, from eviction. This provision was a stop-gap measure, and many of its protections were going to expire at the end of January, however, as of January 2, 2021 legislators appear to have reached an agreement to extend these protections to the end of June. Both tenants and landlords should be aware of the state of the law, and what they should expect as new legislation is passed. The Tenant Relief Act has had two distinct phases, with different responsibilities for tenants and landlords in different time periods. From March 1, 2020, to August 31, 2020, if a tenant was behind on rent the landlord was required to provide a 15-day notice to pay rent (rather than the usual three days). Most importantly, if any monthly rent was missed during this time, but the tenant provided a declaration of COVID related financial distress, the tenant could not, and still cannot, be evicted for the failure to pay rent during this time period. While a tenant cannot be evicted for the failure to pay rent during these months, landlords will be able to pursue a court action for the unpaid rent once these protections expire. The next phase was set to expire on January 31, 2021, but legislators have indicated that it will be continued until June 30, 2021. At the time of writing the legislation has not been officially passed, however top legislative leaders, as well as the Governor, have signaled that an agreement has been reached and the text of the proposed bill has been released.
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Presently, from September 1, 2020, to June 30, 2021 (previously January 31, 2021), landlords are still required to give a 15-day notice if a tenant is late in rent but, unlike the previous period, if a tenant is suffering from COVID related financial distress they still must pay a minimum of 25% of the total rent due for this time period. This unpaid rent does not need to be paid immediately though. Regardless of when the notice was served as long as the tenant provides a declaration of decreased income due to COVID, they will have until June 30, 2021 (previously January 31, 2021), to make this 25% payment, even if the 15 days of the notice are up. Making a 25% payment for the months of September to January could have been difficult for those out of work or who have otherwise lost their ability to generate an income, so delaying the need for payments until June will prevent what could have been a wave of delayed evictions. However, if tenants do not provide a declaration stating that they are suffering from COVID related financial distress they could still be subject to an eviction. DeLeon Realty is tracking these proposals and legislation, and we are happy to speak to anyone who is contemplating buying or selling a rental property. In addition, before initiating any legal actions, landlords should seek out their own legal assistance, as county courts, cities, as well as the federal government may offer differing levels of tenant protections in addition to the State Relief Act.
R E A L E S TAT E D E S I G N
RENOVATING FOR A PANDEMIC LIFESTYLE By Maedeh Ziaei Moayyed, DeLeon Interior Designer
With the outbreak of Covid-19 and stay-at-home orders, many people have been working from home for months now and it seems like this will remain the new normal for a while. As a result, homeowners have started to rethink their spatial needs in their current residences. Some need one more room as an office, some need a workout area like a gym, and some need a room for their children because of homeschooling or online school. People now, more than before, think about their spatial needs so home renovation during quarantine has become increasingly popular. As a homeowner, whether you consider tackling some DIY projects or hiring a professional to get it done for you, there are a few useful tips to consider for your renovation projects:
Safety first! Whether you accomplish the project yourself or hire contractors to get the job done, make sure to follow the safety protocols such as social distancing between people while working at your house. Other healthy measures can be tracking visitors, taking temperatures and frequently disinfecting common surfaces.
Reinvest in outdoor spaces Stay-at-home orders have fostered an appreciation among many of us to use outdoor spaces more. You can redefine and improve your outdoor space to spend more of your free time in it or to simply use your beautiful backyard as a background for your zoom meetings!
Multipurpose Spaces The value of multipurpose spaces has never been higher before as we now use our home as an office, gym, classroom and much more. A lot of unused areas in the home like basements, attics, guest bedrooms and sheds can be converted to serve multiple purposes.
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R E A L E S TAT E I N F LU E N C E
MORTGAGE LENDING 2021 By Steve Milender
There are several mortgage options available for clients which we suggest being considered, based upon their personal and financial needs. For example, if a client is purchasing their first home; how long do they anticipate they will live in the property? Many clients choose to sell their “first home,” in an effort to “trade-up” to a larger property. As family needs change, the “starter home” may no longer meet their requirements. As a result, an Adjustable Rate Mortgage may be best suited to meet their needs. These loans provide lower interest rates, as they are fixed for 3, 5, 7 or 10 years. As an example, a $1M loan with an adjustable rate of 2.5% would translate to a principal and interest payment of $3,950/mo. A 30year fixed rate loan at 3.25% would result in a principal and interest payment of $4,450/mo., resulting in a savings of $500 per month. Conversely, if you purchase a home which you plan to be your primary residence for more than 10 years, or which you wish to keep long-term, with the thought that you may turn this property into a rental in the future, a 30-year Fixed Rate loan may be your best option. These rates are fixed for 30 years and although more expensive, the fixed option provides peace of mind. Current mortgage rates are at all-time lows; therefore, choosing the best loan option to meet your needs is important. We do not anticipate a further reduction in long-term mortgage rates. Therefore, choosing the best loan is critically important. Economic forecasters predict an increase in mortgage rates over the longterm; although we expect to see more modest increases throughout 2021.
Another loan option which is not widely available and is offered by a select number of lenders is the InterestOnly loan. Rates are fixed for a period of 5, 7 or 10 years and become adjustable after a fixed period of time. There is also a 30-year Fixed Rate loan with a 10-year Interest-Only feature. These loan options are particularly good for clients who have variable incomes or receive large year-end bonuses or Restricted Stock Units (RSU). This loan option is an alternative designed to better manage one’s cash flow. Interest-Only loans are more difficult to qualify for, and have more stringent guidelines with regard to income, assets, and reserves. As an example; a $1M loan at 2.5% Interest Only, would result in a payment of $2,083/mo. vs. a fully amortized loan (at 2.5%) would be $3,950/mo. A 30-year Fixed Rate loan with a 10-year Interest-Only option at 3.25%, would result in a payment of $2,700/mo. for the first 10 years vs. a fully amortized payment of $4,350/mo. It is important to note, that if you choose the Interest-Only option for the first 10 years, your monthly payment for the remaining 20 years, with a rate of 3.25%, would increase to $5,670/mo. If you are thinking of buying a property, speak with us to determine the product that is best for you and your situation. In that we do not receive compensation from lenders we may refer, you will know that you are getting unbiased advice. Please contact me directly at: 650.543.8532 or via email at Steve@DeLeonRealty.com if you have any questions or if I can be of assistance. D ELEONREALT Y.COM
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R E A L E S TAT E M A R K E T P U L S E
ATHERTON Atherton Inventory # of New Listings
$12,000,000
$2,500
25
$10,000,000
$2,000
20
$1,500
15
$1,000
10
$4,000,000
Sale Price, Median
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
$0
Jan-20
$2,000,000
$500
5
$0
0
Ju l-2 0 A ug -2 0 Se p20
$6,000,000
Ja n20 Fe b20 M ar -2 0 A pr -2 0 M ay -2 0 Ju n20
$8,000,000
O ct -2 0 N ov -2 0 D ec -2 0
Atherton Median Sales Price & Price/Sq. Ft. Ratio
Price/SqFt Ratio
LOS ALTOS Los Altos Median Sales Price & Price/Sq. Ft. Ratio $2,000
50
$1,500
40
Sale Price, Median
10
O ct -2 0 N ov -2 0 D ec -2 0
0
n20
$0
20
Ja
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
$500
30
Fe b20 M ar -2 0 A pr -2 0 M ay -2 0 Ju n20 Ju l-2 0 A ug -2 0 Se p20
$1,000
Jan-20
$4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0
Los Altos Inventory # of New Listings
Price/SqFt Ratio
LOS ALTOS HILLS Los Altos Hills Median Sales Price & Price/Sq. Ft. Ratio
Los Altos Hills Inventory # of New Listings
$2,000,000
Sale Price, Median
Price/SqFt Ratio
24 | DE LEO N RE A LT Y.CO M
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
$0
Jan-20
$1,000,000
15 10 5 0
O ct -2 0 N ov -2 0 D ec -2 0
$3,000,000
20
Fe b20 M ar -2 0 A pr -2 0 M ay -2 0 Ju n20 Ju l-2 0 A ug -2 0 Se p20
$4,000,000
$1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0
n20
$5,000,000
Ja
$6,000,000
R E A L E S TAT E M A R K E T P U L S E
MENLO PARK Menlo Park Median Sales Price & Price/Sq. Ft. Ratio
Menlo Park Inventory # of New Listings
$3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000
Sale Price, Median
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
$0
Jan-20
$500,000
$1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0
60 50 40 30 20 10 0 Ja n20 Fe b20 M ar -2 0 Ap r-2 0 M ay -2 0 Ju n20 Ju l-2 0 Au g20 Se p20 O ct -2 0 N ov -2 0 De c20
$3,500,000
Price/SqFt Ratio
MOUNTAIN VIEW Mountain View Median Sales Price & Price/Sq. Ft. Ratio
Mountain View Inventory # of New Listings
$2,000,000 $1,500,000 $1,000,000
Sale Price, Median
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
$0
Jan-20
$500,000
$1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0
60 50 40 30 20 10 0 Ja n20 Fe b20 M ar -2 0 A pr -2 0 M ay -2 0 Ju n20 Ju l-2 0 A ug -2 0 Se p20 O ct -2 0 N ov -2 0 D ec -2 0
$2,500,000
Price/SqFt Ratio
PALO ALTO Palo Alto Median Sales Price & Price/Sq. Ft. Ratio
$1,500
Sale Price, Median
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
$1,400 $1,300
Fe b20 M ar -2 0 A pr -2 0 M ay -2 0 Ju n20 Ju l-2 0 A ug -2 0 Se p20 O ct -2 0 N ov -2 0 D ec -2 0
$1,600
70 60 50 40 30 20 10 0 n20
$1,700
Ja
$1,800
Jan-20
$4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0
Palo Alto Inventory # of New Listings
Price/SqFt Ratio
D ELEONREALT Y.COM
| 25
$0
$1,000,000
$500,000
n20 Fe b20 M ar -2 0 Ap r-2 0 M ay -2 0 Ju n20 Ju l-2 0 Au g20 Se p20 O ct -2 0 N ov -2 0 De c20
Ja
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
$2,500
20
$4,000,000 $2,000
15
$3,000,000 $1,500
$2,000,000 $1,000
$1,000,000 $500
Fe b20 M ar -2 0 A pr -2 0 M ay -2 0 Ju n20 Ju l-2 0 A ug -2 0 Se p20 O ct -2 0 N ov -2 0 D ec -2 0
$1,500,000
$1,100 $1,080 $1,060 $1,040 $1,020 $1,000 $980 $960 $940 $920
n20
$2,000,000 $0
Ja
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
Jan-20
$0
Jan-20
$5,000,000
10 5
0
100
80
60
40
20
0
$0
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000 $2,000
20
$1,500
15
$1,000
10
$500
5
$0
0
n20 Fe b20 M ar -2 0 A pr -2 0 M ay -2 0 Ju n20 Ju l-2 0 A ug -2 0 Se p20 O ct -2 0 N ov -2 0 D ec -2 0
$6,000,000
Ja
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
Jan-20
$1,250
100
$2,000,000 $1,200
80
$1,500,000 $1,150
60
$1,000,000 $1,100
40
$500,000 $1,050
20
$0 $1,000
Ju l-2 0 Au g20 Se p20 O ct -2 0 N ov -2 0 De c20
n20 Fe b20 M ar -2 0 Ap r-2 0 M ay -2 0 Ju n20
Ja
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
Feb-20
Jan-20
$2,500,000
0
