Market Conditions By City
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
San Carlos
Sunnyvale
Woodside
Average sale price for single-family homes from 1/2022 to 9/2022,
1/2022 - 9/2022
compared to the period from 1/2023 to 9/2023.
1/2023 - 9/2023
Price/Square Foot Ratio $2,500
$2,000
$1,500
$1,000
$500
$0
Atherton
Los Altos
Los Altos Hills
Menlo Park
Mountain View
Palo Alto
Portola Valley Redwood City
Price per square foot ratio for single-family homes from 1/2022 to 9/2022, compared to the period from 1/2023 to 9/2023.
San Carlos
Sunnyvale
Woodside
1/2022 - 9/2022
1/2023 - 9/2023
Source: MLSListings, Inc., as of October 5, 2023 Criteria: Single Family Residential
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November 2023
interested buyer could get information was through the listing agent. Some unscrupulous listing agents would then imply (or outright state) that the buyer would have to work with them to get early access. Many savvy buyers believed that they would benefit from the limited competition associated with off-market listings, and that the lure of a double-sided commission could turn the listing agent into an advocate for the buyer. Therefore, seeking every advantage, buyers were tempted to switch from their old agent to the listing agent, or someone that the listing agent may have recommended in their office. To stop these practices, the MLS took steps to eliminate the marketing of properties before they came on the MLS. Effective January 2020, the MLS issued its “Clear Cooperation” policy. Although presumably wellintentioned, the end result was a way for Realtor(s)® to circumvent rulings that made the MLS data available to the public. Specifically, the Clear Cooperation policy mandated that any publicly marketed property must be uploaded to the MLS within 24 hours of the first public dissemination of the marketing material. While on its face this seems like a step in the right direction, the final iteration of this policy has done little more than provide a systematized structure for agents to restrict access to information about listings. The first flaw of the Clear Cooperation policy was that it narrowly defined “public marketing” to exclude direct promotion between the listing agent and their buyers, or brokers and licensees affiliated with the listing brokerage. This interpretation essentially excludes any buyers that did not have an agent, or buyers that were working with an agent not affiliated with the listing brokerage. To satisfy the “must be listed on the MLS” prong of the Clear Cooperation policy, the MLS created new categories of listings, which include “Members Only − Show” and “Members Only − Do Not Show.” It should be noted that neither of these secretive categories include distribution to popular websites such as Zillow, Redfin, and many others accessible to the general public, or to licensed real estate sales people who are not members of the Board of Realtors; this seems to directly conflict with the Department of Justice action outlined above.
Commission Structure In recent years, a number of cases were filed in the federal court system dealing in large part with how buyer’s agents are compensated, and by whom. The most well-known cases are Moehrl v. National Association of Realtors, et al. and Sitzer/Bernett v. NAR. The most typical structure for a Silicon Valley residential real estate listing contract is that the listing agent negotiates with the seller for the entire commission amount, which includes the portion that will be retained by the listing agent and the portion that will be shared with the agent that assists the buyer. If there is no agent that assists the buyer then, by operation of the contract, the listing agent gets to keep both pieces of the commission. Under rule 7.16 of the MLS, listing agents are prohibited from requiring a commission concession from the buyer’s agent after an offer has been submitted. The abovementioned cases challenge this structure by pointing out that the buyer should have the right to negotiate the amount of compensation that the buyer’s agent receives based on the level of services that they provide. For example, if a sophisticated buyer finds a home by visiting open houses, compares the prices of similar homes to determine the amount to offer, and pays cash (or arranges their own financing), then that buyer’s agent should get a much smaller commission than an agent who helps a less experienced buyer through the entire transaction. Settlements While the Moehrl and Sitzer/Bernett cases have not yet gone to trial, in September of this year, two defendants −Anywhere Real Estate and RE/MAX − were reported to have settled their lawsuits, each for an astronomical amount of money. Anywhere Real Estate, the parent company of Coldwell Banker®, Sotheby's International Realty®, and The Corcoran Group®, reportedly agreed to pay approximately $83.5 million to settle all claims alleged by the plaintiffs. This settlement came just shy of the scheduled start of trial in Kansas City on October 16.1 Following in Anywhere’s footsteps, RE/MAX also reportedly agreed to pay approximately $55 million to settle its claims in these two lawsuits.2 While RE/MAX has denied the plaintiffs’ allegations, it did agree to this monumental settlement. DELEONREALTY.C O M
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THE DELEON INSIGHT
Redfin Decision to Leave NAR In the wake of the Moehrl and Sitzer/Bernett cases, Redfin has issued a surprising announcement on October 2, 2023 that they intend to leave the National Association of Realtors (NAR).3 This marks a significant development in the real estate industry. The online real estate brokerage, known for utilizing an approach that bucks the traditional real estate structure and norms, opted to end its membership with NAR, a longstanding and influential organization within the real estate community. Redfin has cited two reasons for its departure: NAR policies requiring a fee for the buyer’s agent on every listing, and a pattern of alleged sexual harassment. Redfin further stressed that it will require its brokers and agents to leave NAR in much of the United States. This decision came following failure of the two parties to compromise their differences after numerous meetings. However, Redfin did note that its agents would not leave NAR in areas where it would be impossible to conduct business without access to certain information or forms. This means that Redfin is unlikely to leave NAR in the Bay Area because they would lose access to much information, the industry standard lockboxes, and even the library of forms used in most real estate transactions. Going forward, it is likely that the areas that Redfin does not leave NAR will be under even more of an antitrust microscope. This move by Redfin, along with the fallout from the ongoing commission lawsuits, may signal a shift towards greater independence and a divergence from the established norms of the real estate sector. Some may query why DeLeon Realty has been able to offer so many complementary services that exceed the norms of the industry, and waive all buyer’s-side commission if there is no outside agent or if the buyer finds the property unassisted by the buyer. Truth be told, it wasn’t easy. Many agents and office managers have complained that we are driving down commissions and driving up clients’ expectations. However, we came into the industry 12 years ago with the benefit of Ken DeLeon’s amazing reputation as the number 1 real estate agent in the country,4 both of our legal backgrounds and pedigrees, economic resources that enabled us to power past these types of pressures,
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and a business model that was generally accepted to be superior to the 100% commission-based, independent contractor model utilized by so many other brokerages. Plus, Silicon Valley is populated with a remarkably welleducated, sophisticated and intelligent client base who sees the benefits of our approach, even if other agents argue otherwise. Yet, even with all of these advantages, we have still faced formal and informal complaints about our business practices of: (1) not taking commission from both sides of any transaction; (2) advertising all of our complementary services; (3) offering access to legal counsel at no extra charge5; (4) paying for all staging costs; (5) providing for handyman work at no additional charge6; and (6) paying for our clients’ inspection reports. We have also overcome complaints about us marketing our listings to the Chinese community and even running television commercials. Amazingly, I was told that one office manager even argued that we should not be allowed to donate so much money to a local school district because it made other agents look bad (Seriously!). Despite the resistance, when all of the dust settles, we expect that other brokerages will follow our lead and restructure the way that they handle the buyer’s-side of the commission. More specifically, listing agents will likely only charge for the listing side of the sale, whereas the buyer’s-agent will be compensated based on the level of services that they provide to their client, the buyer. Plus, sellers will likely demand that agents waive all (or most) of the buyer’s side commission if they represent both the buyer and the seller. Furthermore, hopefully, all “referral fees” paid by the agent that represents the buyer to the listing agent will have to be disclosed in writing to the seller so that they may consider any potential conflicts of interest. While this type of industry change will eat into our competitive advantage, it will also be very good for consumers.
https://therealdeal.com/national/2023/09/06/anywhere-settles-landmark-antitrustsuits-for-83m/ https://www.nar.realtor/magazine/real-estate-news/remax-settles-claims-incompensation-lawsuits 3 https://www.redfin.com/news/redfin-is-leaving-nar/ 4 As per the 2011 Real Trend rankings as announced in the Wall Street Journal in June, 2012. 5 All legal services are provided by attorney(s) at Integra Law Group, LLP. 6 DeLeon Realty provides its clients with limited hours of handyman work. 1
THE DELEON INSIGHT
GLENBROOK, NEVADA: A HIDDEN GEM ON LAKE TAHOE By Michael Repka
The significant increase in California state income taxes over recent years, coupled with COVID-inspired changes in lifestyle, have caused many people to move to beautiful places with low-to-no state income taxes. Perhaps the closest and best example of this is the Nevada side of Lake Tahoe. While many know about all of the advantages that Incline Village, Nevada offers, there is another shining jewel that is equally lovely, yet remains relatively unknown. Although, a recent article in the Wall Street Journal1 may put the gated communities of Glenbrook, Nevada on the map the same way that Taylor Swift did for Travis Kelce. Nestled in the picturesque Sierra Nevada mountains and situated centrally on Lake Tahoe’s eastern shore, Glenbrook offers a unique blend of natural beauty, exclusivity, and easy access to stunning Lake Tahoe as well as the amenities of Carson City. Hailed as one of the most exclusive mountain communities in the US, Glenbrook has become a haven for those seeking an affluent yet tranquil lifestyle.2 After Covid, this hidden gem has become even more coveted.3 Glenbrook Community Historically, Glenbrook started as a lumbering settlement in the late 1800s to furnish lumber to the Comstock mines in Virginia City. Later, it became a summer resort for celebrities and famous figures, such as President Rutherford B. Hayes, Mark Twain, Rita Hayworth, General Ulysses S. Grant, Clark Gable and Leland Stanford. Today, Glenbrook is comprised of Glenbrook Estates and Uppaway Estates. Glenbrook Estates is a private, gated community of 750 acres, though only 150 acres have been developed and nearly 600 acres remain undisturbed. Glenbrook homeowners enjoy amenities such as a 9-hole mountain golf course with a pro shop, clubhouse, seasonal restaurant (open from Mid-June to early October each year), beach with cabanas, and a pier
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with buoys. Notably, the Glenbrook Club golf course is Nevada’s first golf course and has been listed by Golf Digest as one of the world’s most enjoyable nine-hole courses.4 The Glenbrook Club has hosted five Masters Championships, albeit a long time ago. Some properties in this neighborhood are zoned for horses with miles of riding trails, starting directly from the homes’ back door. Next door, is the separate gated community of Uppaway Estates, with arguably better views thanks to the higher elevation that many homes enjoy. This 44-acre community was built on the former Fleishman estate. Uppaway homeowners have amenities such as a private pier, picnic area with fire pit, tennis court and some incredible views of the lake. Both communities are exceptionally warm and inviting with neighbors getting together on summer days to chit chat and watch the sunset. This increase in pricing resulted in The Wall Street Journal recently ranking Glenbrook’s zip code as the most expensive mountain real estate in the nation.5 Exclusivity in Gated Communities One of the defining aspects of Glenbrook and Uppaway is their exclusivity. These Estates are known for their gated entrances, providing an extra layer of privacy and security for residents. This is particularly important because many residents have multiple homes, and they remain away for weeks or even months at a time. The exclusivity extends to the real estate market, with properties having the median list price of $9.7 million, up 107.49% year-over-year, and the median price per square foot of $1,766.6 Living in these communities offers not only the prestige of being part of an elite enclave, but also the peace of mind that comes with knowing your privacy is protected. Yet, the residents are exceptionally welcoming and friendly.
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Lake Tahoe's Allure Glenbrook’s location, right on the eastern shore of Lake Tahoe, is undoubtedly one of its most appealing features. Lake Tahoe, the largest alpine lake in North America, boasts crystal-clear waters surrounded by snow-capped peaks. It's no surprise that this pristine paradise has become a year-round destination for outdoor enthusiasts.
private beaches, golf courses, and numerous fine dining establishments. And for those seeking a touch of history and culture, Carson City, the Capital of Nevada, is a short 25-minute drive away, where you can explore museums, galleries, and historic landmarks, as well as all of the convenience of daily life. Easy Access from the Bay Area
Summer Escapades During the summer months, Lake Tahoe transforms into a haven for water sports and outdoor adventures. Aside from the plentiful activities onsite within the Glenbrook and Uppaway Estates, residents have easy access to Lake Tahoe’s numerous nearby beaches, where swimming, paddle boarding, and kayaking are popular pastimes. Hiking and mountain biking enthusiasts can explore the surrounding trails that wind through lush forests and offer stunning vistas. The nearby Desolation Wilderness provides a more rugged terrain for backpackers and nature lovers. And for those with a penchant for golf, Lake Tahoe offers several world-class golf courses where you can tee off against the backdrop of the stunning Sierra Nevada Mountains. Winter Wonderland When winter blankets the region in snow, Lake Tahoe transforms into a magical wonderland. World-renowned ski resorts like Heavenly, Palisades Tahoe, NorthStar, and Mount Rose beckon skiers and snowboarders from around the globe. Glenbrook is ideally situated for quick access to these renowned slopes, especially Heavenly, making it a dream come true for winter sports enthusiasts. Additionally, cross-country skiing, snowshoeing, and snowmobiling are popular winter activities. The tranquil snow-covered landscapes provide a serene backdrop for those seeking a more relaxed winter escape. Convenience Beyond the Mountains Despite the secluded feel, Glenbrook is conveniently located near various attractions and amenities. A 25-minute drive will take you to South Lake Tahoe, where you can explore a vibrant restaurant scene, try your luck at casinos, and enjoy various events and entertainment options. World-class entertainers regularly perform at the various venues in South Lake. A 25-minute drive will take you to Incline Village, which offers a more refined experience than that often associated with the festivities of South Lake. Incline Village features
One of the standout features of Glenbrook is its accessibility from the San Francisco Bay Area. With a quick 45-minute flight from one of the nearby airports, you can leave the hustle and bustle of Silicon Valley behind and find yourself amidst the serenity of the Sierra Nevada Mountains in no time. Glenbrook is but a 30-minute drive away from three general aviation airports: Carson City Airport, Minden Airport, and South Lake Tahoe Airport. With this easy access from the Bay Area, your dream of retiring in luxury and serenity might just start right here in this idyllic mountain paradise. When it comes time to purchase a prime lakefront home, or even a property with fantastic lake views, time can be of the essence—you don’t want to miss out on the home of your dreams to someone that can get their faster. Not only do we have great local referral agents who know Glenbrook and Incline Village intimately, we can also arrange a private flight in DeLeon Realty’s pressurized cabin-class private aircraft for you to see the hottest properties just as they hit the market. https://www.wsj.com/real-estate/luxury-homes/glenbrook-nevada-lake-tahoe5b21aa22 (Sept. 19, 2023) 2 https://www.wsj.com/real-estate/luxury-homes/glenbrook-nevada-lake-tahoe5b21aa22 (Sept. 19, 2023); https://www.forbes.com/home-improvement/features/most-expensive-zip-codes-us/ (May 12, 2023); https://www.nytimes.com/2018/06/28/realestate/zip-codes-with-the-priciest-homes. html (June 28, 2018) 3 https://www.wsj.com/real-estate/luxury-homes/glenbrook-nevada-lake-tahoe5b21aa22 (Sept. 19, 2023) 4 https://glenbrookclub.com/ 5 https://www.wsj.com/real-estate/luxury-homes/glenbrook-nevada-lake-tahoe5b21aa22 6 Id. (Data cited in article were obtained from Realtor.com (August 2023) 1
DELEONREALTY.C O M
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November 2023
Since most of the profit is made through buying a home and remodeling it to increase the resale value, moving frequently is recommended to maximize profit. I typically moved after every two years, which resulted in a total of four moves between 2011-2021. In this article, I will discuss each of these four purchases and what strategies I utilized to get both a good value when buying, and how to optimize and thereby maximize value when selling. The purpose of this article is not to brag about my results, but rather illustrate that my model of “flipping” my primary home is proven. My profit from flipping my primary homes was over $7 million. By using the $500,000 exemption in capital gains all 4 times I sold my homes, that equates to $2 million of tax-free profits. The remaining $5 million is then taxed at the lower rate of long-term capital gains of 37.1% (23.8% federal, 13.3% state). This results in a tax of “only” around $1,920,000. Of the total $7,173,000 gross profit I achieved, the $1,920,000 of taxes makes my net profit $5,243,000.
This profit is more than one would take home earning a million-dollar salary for the same ten-year period. In California, the top tax bracket is slightly over 50% (37% federal, 13.3% state). Thus, a million-dollar gross income nets less than $500,000 after taxes. The net result of profit from “passively” flipping my primary home over a 10-year period, including the tax incentives, resulted in a higher profit than ten years of actively working with a million-dollar salary. The power of the tax benefits the government wisely bestows upon primary homes is often never fully leveraged. Use this business model when purchasing your primary home, and before you know it, you may be in your dream home. Now that you have the overall strategy, let me illustrate the tactics I used to build this wealth.
Continued on next page DELEONREALT Y.C O M
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EXPLORING THE ALLURE OF ATHERTON By Ken DeLeon
The latest home value rankings once again confirm Atherton as the nation's most expensive housing market for the sixth consecutive year. Seven out of the top ten rankings for the nation's most expensive zip codes were in California. Atherton’s paramount price of $7.4 million for its median sales price is nearly 50% higher than the second most expensive zip code, Beverly Hills, with a median home sales price of only $5.1 million. As the leading buyer's agent in Atherton for an extended period, as well as a past resident of the town, I have had the opportunity to experience the numerous attractions of Atherton firsthand and understand why affluent buyers are drawn to living there. From my observation, here are the four aspects that buyers value most in Atherton: Natural Beauty: Atherton boasts a more verdant and park-like environment than rustic oases like Woodside or Portola Valley. Driving through Atherton is a delightful
20 | D E L E O N R E A LT Y.CO M
experience that alleviates stress and sets the tone for your arrival at your estate, where you can unwind in your own lush backyard. Ease of Building Your Dream Home: Atherton's building codes and regulations are considerably less restrictive than those in nearby affluent cities. This ease of redevelopment has led to strong appreciation in Atherton's property values, making the town increasingly prestigious and in high demand. No other town in the Bay Area sees as much new construction as Atherton, thanks to its developer-friendly building codes. The robust demand is evident through the successful sales of two large Atherton lots for $25 million each this year, with both sold by the DeLeon Team. Exceptional Police Force: Atherton is home to arguably the best police force in the Bay Area, known for its rapid response times and unique services not offered by other precincts. These additional complimentary services
November 2023
include property checks during your vacation and the option for residents to register their cameras with the police department, creating a collective chain of surveillance with security cameras around town. The Atherton police also do not charge for monitoring your alarm, and the city is the first in the Bay Area to deploy a drone for realtime data on crimes in progress. These policies produce great results, as even with its extreme wealth, Atherton's violent crime rate is only one-third of the national average according to bestplaces.net crime data. Sought-After Schools: Silicon Valley is renowned as the global epicenter of innovation, which is built upon education. Thus, it comes as no surprise that Atherton generally offers excellent schools. In fact, Oak Knoll Elementary, Las Lomitas Elementary, Hillview Middle, and La Entrada Middle all ranked in the top three percent among California's schools in Niche.com's recent rankings. Menlo-Atherton High School, with its robust gifted programs, wasn't far behind, ranking in the top six percent of California high schools.
Total Volume of the Top Agents or Teams in Atherton Total Units in 2023
Unit: Property
15 10 5 0
7
6
6
3
0 The DeLeon Team
Competitor Agent 1 Listing Unit
1
Competitor Agent 2
$100M $50M 0
2
Selling Unit
Total Volume in 2023 $150M
3
Competitor Agent 3
Unit: US Dollar
$137M $63M
The DeLeon Team
$61M
0
Competitor Agent 1 Listing Volume
$26M
$11M
Competitor Agent 2
$15M
$19M
Competitor Agent 3
Selling Volume
Search Criteria as compiled by BrokerMetrics® using MLS Data: 01/01/2023 - 10/17/2023, Atherton, Residential Property: (Single Family Home, Condominium, Townhouse, Manufactured Home, Floating Home, Duet Home, Multiple on Lot, Farm/Ranch, Other Residential, Double Wide Mobile Home, Duplex, Residential Lots & Lands; MultiFamily)
Having personally cherished my time living in Atherton, I can attest to its exceptional quality of life and the prospect of long-term appreciation. My profound love for this beautiful town makes it easy for the DeLeon team to sell properties here. Michael Repka and I take pride in being the top agents/ team in Atherton (see Atherton 2023 sales YTD below). Please reach out to us to learn more about how our top team can assist you in buying or selling a home in Atherton. Menlo-Atherton High football team DELEONREALT Y.C O M
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R E A L E S TAT E B U Y I N G S T R AT E G Y
TIPS FOR FIRST TIME HOMEBUYERS By Alexander Lewicki
In the Bay Area a starter home can cost upwards of $3 million, which can make your first home purchase a daunting task. Adding to the complexities, this area has its own eccentricities (e.g., offer price often exceeds the list price, no contingencies, quick close). To make the process painless and more manageable, while enhancing your chances of success, consider the following tips: 1. Select the Right Allies As with any endeavor, it’s crucial to select the right allies to assist with your journey. This starts with finding the right Realtor®. As a first-time buyer, you will not only need someone who is sharp, local to the area, well-connected, and tireless, but also someone with patience and the ability to teach. Where a seller of a $10 million home may be best suited working with the most dominant agent in that neighborhood, the first-time buyer may need more attention and handholding than that same listing agent is able to provide. Another important team member is your lender. A good lender will not only creatively tailor your loan to your needs, but also assure that your offers are as strong as possible. I recently represented a young family through their first purchase in Mountain View. I connected them with a strong local lender who quickly got them approved and underwritten with strong terms. When the listing agent called to congratulate me with an accepted offer, he noted that it was his trust in our lender (whom he had known professionally for many years), coupled with our fully underwritten approval that pushed our offer past close competition. This lender played an invaluable role in getting their offer accepted successfully, and with no counter-offer! 2. Make Thoughtful Concessions First-time buyers often begin with the idea that they will find a flawless home. One of the most important lessons these clients learn is that they will likely have to make concessions in order to secure the right property for the right price. Whether that be overlooking a curable inspection report item, or accepting the perfect home on a semi-busy street, the trick is in knowing what you are willing to concede and making thoughtful decisions based on sound advice.
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New buyers will often be unnecessarily deterred by issues such as small cracks in the foundation. While they seem scary and can deter competition, these cracks are actually very common throughout the Peninsula where a large portion of existing homes were built in the 1950s, and can likely be inexpensively remedied with some epoxy. Conversely, a property that needs a new roof, or with plumbing issues buried in a concrete slab foundation, may be enough cause to move on. Understanding the difference between a deal breaker and a curable issue is a recipe for success. 3. Be Patient, but Prepared to Move Quickly Despite the record-low inventory over the last several years, I still recommend a patient approach and encourage my clients to cast a wide net geographically to begin. If you love Palo Alto, you may also love the Willows neighborhood of Menlo Park, or the MartensCarmelita neighborhood of Mountain View. Don’t be afraid to explore some inventory and pass on a few properties until you get your “sea legs.” At the same time, be aware that you may need to move quickly if you find the right home. New properties come on the market every week, and you may have to pivot quickly when the time comes. Chances are if you like it, so do other buyers in your price point. 4. Seek Deals in the Fall and Winter My last piece of advice is to keep looking when others have given up. By the time the market turns toward the fall and winter months, many buyers will have decided to throw in the towel until the new year. Keep your eyes open for sellers who have become anxious as their property sits on the market. What may have been out of your budget in March, may now sell at a discount. And getting a good value now will lock in instant appreciation when the prime spring market arrives in the new year. As a recovering attorney who only represents buyers, I have the time, resources, and expertise necessary to ensure your success. Contact me today at (650) 8477407 or alexander@deleonrealty.com to find out more about how I can get you into your first home.
R E A L E S TAT E M A R K E T P U L S E
ATHERTON Atherton Median Sales Price & Price/Sq. Ft. Ratio
Atherton Inventory # of New Listings
$25,000,000
$3,500 $3,000
$20,000,000
$2,500
$15,000,000 $10,000,000
15
$1,500
10
Sale Price, Median
$0
5 0
Ju l-2 3 A ug -2 3 Se p23
O ct -2 2 N ov -2 2 D ec -2 2 Ja n23 Fe b23 M ar -2 3 A pr -2 3 M ay -2 3 Ju n23
Sep-23
Aug-23
Jul-23
Jun-23
May-23
Apr-23
Mar-23
Feb-23
Jan-23
Dec-22
Nov-22
$500
Oct-22
$0
20
$2,000 $1,000
$5,000,000
25
Price/SqFt Ratio
LOS ALTOS Los Altos Median Sales Price & Price/Sq. Ft. Ratio
Los Altos Inventory # of New Listings
$6,000,000
$2,000
$5,000,000
$1,500
$4,000,000
$1,000
$2,000,000
Sale Price, Median
Sep-23
Aug-23
Jul-23
Jun-23
May-23
Apr-23
Mar-23
Feb-23
Jan-23
Dec-22
Nov-22
$0
Oct-22
$1,000,000
40 30 20
$500
10
$0
0 O ct -2 2 N ov -2 2 D ec -2 2 Ja n23 Fe b23 M ar -2 3 A pr -2 3 M ay -2 3 Ju n23 Ju l-2 3 A ug -2 3 Se p23
$3,000,000
50
Price/SqFt Ratio
LOS ALTOS HILLS Los Altos Hills Median Sales Price & Price/Sq. Ft. Ratio
Los Altos Hills Inventory # of New Listings
Sale Price, Median
Price/SqFt Ratio
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$0
8 6 4 2 0 O ct -2 2 N ov -2 2 D ec -2 2 Ja n23 Fe b23 M ar -2 3 A pr -2 3 M ay -2 3 Ju n23 Ju l-2 3 A ug -2 3 Se p23
Sep-23
$0
Aug-23
$500 Jul-23
$2,000,000 Jun-23
$1,000
May-23
$4,000,000
Apr-23
$1,500
Mar-23
$6,000,000
Feb-23
10
Jan-23
$2,000
Dec-22
12
$8,000,000
Nov-22
$2,500
Oct-22
$10,000,000
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
Sale Price, Median
60 50 40 30 20 10 0 Ju l-2 3 Au g23 Se p23
O ct -2 2 N ov -2 2 De c22 Ja n23 Fe b23 M ar -2 3 Ap r-2 3 M ay -2 3 Ju n23
Sep-23
$1,200
Aug-23
$0
Jul-23
$1,300 Jun-23
$1,000,000 May-23
$1,400
Apr-23
$2,000,000
Mar-23
$1,500
Feb-23
$3,000,000
Jan-23
$1,600
Dec-22
$4,000,000
Nov-22
$1,700
Oct-22
$5,000,000
Price/SqFt Ratio
MOUNTAIN VIEW Mountain View Median Sales Price & Price/Sq. Ft. Ratio
Mountain View Inventory # of New Listings
$3,000,000
$2,000
$2,500,000
$1,500
$2,000,000 $1,500,000
$1,000
$1,000,000
$500
Sale Price, Median
$0
30 25 20 15 10
5 0
O ct -2 2 N ov -2 2 De c22 Ja n23 Fe b23 M ar -2 3 Ap r-2 3 M ay -2 3 Ju n23 Ju l-2 3 Au g23 Se p23
Sep-23
Aug-23
Jul-23
Jun-23
May-23
Apr-23
Mar-23
Feb-23
Jan-23
Dec-22
Nov-22
$0
Oct-22
$500,000
35
Price/SqFt Ratio
PALO ALTO Palo Alto Median Sales Price & Price/Sq. Ft. Ratio
$2,000 $1,500 $1,000
Sale Price, Median
Sep-23
Aug-23
Jul-23
Jun-23
May-23
Apr-23
Mar-23
Feb-23
Jan-23
Dec-22
Nov-22
$500 $0
70 60 50
40 30 20 10 0 O ct -2 2 N ov -2 2 D ec -2 2 Ja n23 Fe b23 M ar -2 3 A pr -2 3 M ay -2 3 Ju n23 Ju l-2 3 A ug -2 3 Se p23
$2,500
Oct-22
$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
DELEONREALT Y.C O M
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R E A L E S TAT E M A R K E T P U L S E
PORTOLA VALLEY Portola Valley Median Sales Price & Price/Sq. Ft. Ratio
Portola Valley Inventory # of New Listings
Sale Price, Median
Sep-23
Aug-23
Jul-23
Jun-23
May-23
Apr-23
Mar-23
Feb-23
Jan-23
Dec-22
Nov-22
$1,000,000 $0
Oct-22
$4,000,000 $3,000,000 $2,000,000
$2,000
20
$1,500
15
$1,000
10
$500
5
$0
0 O ct -2 2 N ov -2 2 D ec -2 2 Ja n23 Fe b23 M ar -2 3 A pr -2 3 M ay -2 3 Ju n23 Ju l-2 3 A ug -2 3 Se p23
$8,000,000 $7,000,000 $6,000,000 $5,000,000
Price/SqFt Ratio
SUNNYVALE Sunnyvale Median Sales Price & Price/Sq. Ft. Ratio
Sunnyvale Inventory # of New Listings
$2,500,000 $2,000,000 $1,500,000 $1,000,000
Sale Price, Median
Sep-23
Aug-23
Jul-23
Jun-23
May-23
Apr-23
Mar-23
Feb-23
Jan-23
Dec-22
Nov-22
$0
Oct-22
$500,000
$1,450 $1,400 $1,350 $1,300 $1,250 $1,200 $1,150 $1,100 $1,050
100 80 60 40 20 0 O ct -2 2 N ov -2 2 D ec -2 2 Ja n23 Fe b23 M ar -2 3 A pr -2 3 M ay -2 3 Ju n23 Ju l-2 3 A ug -2 3 Se p23
$3,000,000
Price/SqFt Ratio
WOODSIDE Woodside Median Sales Price & Price/Sq. Ft. Ratio
Woodside Inventory # of New Listings
$20,000,000
$3,000
$15,000,000
$2,000
$10,000,000
$1,000
Sale Price, Median
Price/SqFt Ratio
30 | D E L E O N R E A LT Y.CO M
Sep-23
Aug-23
Jul-23
Jun-23
May-23
Apr-23
Mar-23
Feb-23
Jan-23
Dec-22
Nov-22
$0
Oct-22
$5,000,000
$0
Large spike due to Ken DeLeon successfully representing buyer of a $40M property
30 25 20 15 10 5 0 Ju l-2 3 Au g23 Se p23
$4,000
O ct -2 2 N ov -2 2 De c22 Ja n23 Fe b23 M ar -2 3 Ap r-2 3 M ay -2 3 Ju n23
$25,000,000
$2,100,000 $2,000,000
$1,900,000 $1,800,000
$1,050 $1,000
$1,700,000 $1,600,000
$1,350
$2,500,000 $1,300
50
$2,000,000 $1,250
$1,500,000 $1,200
$1,000,000 $1,150
$500,000 $1,100
$0 $1,050
Sep-23
Aug-23
Jul-23
Jun-23
May-23
Apr-23
Mar-23
Feb-23
Jan-23
Dec-22
Nov-22
Ju l-2 3 Au g23 Se p23
O ct -2 2 N ov -2 2 De c22 Ja n23 Fe b23 M ar -2 3 Ap r-2 3 M ay -2 3 Ju n23
Sep-23
Aug-23
Jul-23
Jun-23
May-23
Apr-23
Mar-23
Feb-23
Jan-23
Dec-22
Nov-22
Oct-22
$3,000,000
Oct-22
$950 $900
70 60 50 40 30 20 10 0
$1,150 $1,100
Ju l-2 3 Au g23 Se p23
$1,250 $1,200
O ct -2 2 N ov -2 2 De c22 Ja n23 Fe b23 M ar -2 3 Ap r-2 3 M ay -2 3 Ju n23
$2,300,000 $2,200,000
40
30
20
10
0