2016 PALO ALTO REAL ESTATE REVIEW

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PALO ALTO REAL ESTATE REVIEW Your home is where our heart is THE TROYER GROUP Dear Palo Alto Homeowners: I am pleased to present you with my Palo Alto Real Estate Review for the most comprehensive

1 PALO ALTO REAL ESTATE REVIEW Your home is where our heart is THE TROYER GROUP Dear Palo Alto Homeowners: I am pleased to present you with my Palo Alto Real Estate Review for the most comprehensive and up-to-date report for Palo Alto homeowners. This information is designed to help you understand the market trends and property valuations in Palo Alto, a town in which I have specialized in selling homes for more than 20 years. The data included in this report is based on sales of single-family homes that were publicly marketed through the Multiple Listing Service (MLS) and does not include homes that were sold off-market in private sales. If you are interested in the Palo Alto condo/townhome market, please request my separate report on this market. On a personal note, I am honored to be the #1 Team at Intero Real Estate, out of 2,500+ agents and the #21 Team in the United States, per The Wall Street Journal,. I attribute my success to a passion for selling homes for over two decades, an in-depth knowledge of the communities I specialize in, and my incredible team who provide our clients with an unparalleled level of service in this industry. Even in a strong market, one of the most important things you can do when buying or selling a home is to be represented by an agent with local experience. Having represented more than 1,500 buyers and sellers in Silicon Valley, I have the experience and knowledge that it takes to successfully sell your home in 2017, or to find you the perfect home. Please contact me with any questions and for a free market analysis of your home. It would be my pleasure to represent you. Sincerely, David Troyer

2 PALO ALTO REAL ESTATE REVIEW RECAP OF Average and median prices decline for the first time in 7 years Average price doubled since the recession low in 2009 Double digit appreciation in Professorville and Palo Alto Hills 3 sales for more than $10 million No sales for less than $1.2 million Median days on market 13; highest in 5 years 58% sold for more than list price LENGTH OF TIME TO SELL The length of time to sell a home was the highest in 6 years. In, the median days on market was 13, compared to 9 days in each of the last 3 years. Some individual areas saw median days on market as high as 28 and 33 days. There was a direct correlation between days on market and pricing. For the 29 homes that were not accurately priced when listed and therefore required a price reduction, the median days on market was 44. All other homes had median days on market of just 11. Even in a strong market, setting the correct price based on local market knowledge is essential for obtaining maximum value and a timely sale. NUMBER OF SALES There were 371 sales of single-family homes reported through the Multiple Listing Service in, 45 more than in. This continues the trend of number of sales hovering below 400 for the past 4 years, far different from the 700 to 800 sales in 2004 and The low number of sales is directly attributed to the few number of homes available for sale. In, there were 460 new listings compared to the high of 1,019 new listings in The steady decline of new listings has directly resulted in the steady increase in prices since the recession. EL CAMINO REAL 242 UNIVERSITY AVE EMBARCADERO RD OREGON EXPWY Additionally, there were 100 condos/townhomes sold, which are not included in this report; however, I would be happy to send you my separate analysis of them if you are interested. ALMA ST 236 MIDDLEFIELD RD PRICES Since 2011, every year has had double-digit price increases. This ended in with a 4% decline in both the average and median price following the record highs set in. However, the average price is more than double the low in 2009 and the median price is 94% higher than in 2009 an amazing comeback in just 7 years. PAGE MILL RD In, there were no sales for less than $1.2 million in all of Palo Alto. The highest end of the market was strong with 3 sales for more than $10 million and 13 sales for more than $7 million. Because of the shift in the market, we saw more price reductions, 13% of the homes, than we have seen in many years. We also saw fewer homes selling for more than original list price although it was still a significant 58%. In the past several years that number has been 70% or more that sold over list price. 230 Of the 13 different areas in Palo Alto, only 4 had a price increase, including Palo Alto Hills and Professorville, which had a 47% and 30% increase, respectively. All other areas had a decline in prices. THE TROYER GROUP

3 PALO ALTO SUMMARY BY AREA Area Number Area # of Sales High $ Low $ Median $ Average $ Median Days 230 Palo Alto Hills 4 $7,800,000 $3,050,000 $4,897,944 $5,161, Green Acres 7 $2,800,000 $2,265,000 $2,480,000 $2,526, Barron Park 24 $3,600,000 $1,595,000 $2,485,000 $2,529, South Palo Alto 102 $4,600,000 $1,600,000 $2,280,000 $2,340, Midtown 56 $5,800,000 $1,600,000 $2,500,000 $2,808, Ventura 12 $2,698,000 $1,300,000 $1,734,000 $1,886, College 25 $4,120,000 $1,315,000 $2,488,000 $2,490, Old Palo Alto 34 $11,000,000 $1,702,000 $3,300,000 $4,285, Green Gables 41 $7,795,000 $1,820,000 $2,821,000 $3,124, Crescent Park 19 $9,650,000 $2,300,000 $3,850,000 $4,911, Community Center 14 $5,100,000 $2,050,000 $3,406,500 $3,625, Professorville 13 $10,000,000 $1,908,000 $3,250,000 $4,197, Downtown Palo Alto 20 $6,000,000 $1,200,001 $2,789,000 $2,907, All of Palo Alto 371 $11,000,000 $1,200,001 $2,550,000 $2,993, Data is based on sales reported to the Multiple Listing Service and does not include any off-market sales. Number of Sales Median Price $1,420,000 $1,734,063 $2,100,000 $2,410,000 $2,668,500 $2,550, Average Price Median Days on Market $1,713,108 $2,005,722 $2,368,577 $2,775,572 $3,107,819 $2,993, DAVIDTROYER.COM

4 $2,351,550 $2,933,000 $3,555,799 $3,520,000 $5,161, PALO ALTO HILLS There were just 4 sales but a significant 47% increase (the strongest by far in all of Palo Alto) in average price with a new record high of $5,161,472. The previous record high was in Since the recession low in 2009, the average price is now 165% higher. $1,798,625 $2,076,566 $2,420,000 $2,799,250 $2,526, GREEN ACRES Average price declined 10% following the record high in. Both the average and median prices are right around $2.5 million, which is about 80% higher from the recession lows in Every home sold for more than original list price and in 11 days or less, resulting in the lowest median days for all of Palo Alto. $2,023,307 $2,200,913 $2,505,832 $2,751,640 $2,529, BARRON PARK There was an 8% decline in average price and a 3% decline in median price following record highs in. 63% of the homes sold for more than original list price and only 5 of the 24 sales were on the market for more than 30 days. $1,530,436 $1,932,633 $2,174,865 $2,404,442 $2,340, SOUTH PALO ALTO As always, the majority of the sales were in South Palo Alto where there were 102 sales, the highest we have seen since The average price was down just 3% and 67% of the sales were for more than list price. Since the recession low in 2009, average price has appreciated 91%. $1,773,967 $2,133,327 $2,451,781 $2,866,835 $2,808, MIDTOWN A new record individual sales price was reached in Midtown in at $5,800,000. There were 56 sales and the average price declined just 2%. The majority of sales, 61%, were for more than original list price and homes sold very quickly with a median days on market of just 10. $1,372,273 $1,315,929 $1,564,787 $2,049,121 $1,886, VENTURA The average price was down 8% following the dramatic record high in when it exceeded $2 million. There were 12 sales, only 4 of which were for more than original list price, and homes took longer to sell here than in any other area with a median days on market of 33. $1,729,367 $2,029,738 $2,495,503 $2,794,100 $2,490, COLLEGE This area had the greatest change in price with an 11% decline in the average; however, it is still more than double what it was at the recession low in Strong demand was evidenced by 72% of the homes selling for more than original list price and 50% selling in 15 days or less. THE TROYER GROUP

5 $2,969,155 $3,246,800 $4,745,931 $4,326,868 $4,285, OLD PALO ALTO The average price was down just 1% but more than double what it was in 2009 during the recession. The median price was down 20% but there were 2 sales in excess of $10 million and 41% of the homes sold for more than original list price. $2,102,278 $2,340,727 $2,566,046 $2,984,885 $3,124, GREEN GABLES This area was one of just 4 in Palo Alto that had an increase in prices in. Both the average and median prices reached record highs with the average exceeding $3 million for the first time. A record individual sales price was also reached at $7,795, % of the homes sold for more than original list price. $2,461,279 $3,234,217 $3,819,039 $4,650,036 $4,911, CRESCENT PARK A record high average price was reached in at almost $5 million, although the median price declined 8%. There were 5 sales for more than $7 million. Only 4 of the 19 sales were for more than original list price and median days on market was 28 the second highest in Palo Alto. $2,560,867 $2,818,824 $3,163,550 $3,906,494 $3,625, COMMUNITY CENTER The average price declined 7% following the record high set in (which resulted from a $15 million sale). At more than $3.6 million, the average price is 86% higher than the recent low in % of the homes sold for more than original list price and 50% sold in two weeks or less. $2,383,308 $3,466,667 $3,540,111 $3,219,000 $4,197, PROFESSORVILLE A sale at $10 million contributed to the 30% increase in average price and a new record high exceeding $4 million for the first time. There were also 3 additional sales for more than $5 million. 5 of the 13 sales were for more than list price and homes took longer to sell with a median days on market of 21. $1,975,941 $2,375,000 $2,697,668 $3,125,455 $2,907, DOWNTOWN PALO ALTO A new record individual sales price was reached in Downtown in at $6,000,000. The average price fell 7% to just below $3 million, which is more than double the recession low in % of the sales were for more than original list price and the median days on market was just 12. DAVIDTROYER.COM

6 Lubich Dr. Diamond Ct. Juarez Ave Benton St. Gabilan St. Saddle Mountain Dr. S. Springer Rd. Distel Dr. Brentwood St. Whitclem Dr. Middlefield Rd. Urshan Wy. Azalea Dr. S. Gordon Wy. Echo Dr. Sunnyview Ln. Almanor Ln. Cuernavaca Circulo Van Dusen Ln. Alford Ave. Sunshine Dr. Manuella Rd. Teresi Ln. Almaden Ct. California St. Carlos Privada Tyndall St. Deodara Dr. Diericx Ct. San Rafael Ave. Borregas Ave. Fremont Ave. Wildcrest Dr. Quartz St. S. Winchester Blvd. California St. Eunice Ave. Cuesta Dr. DAVID S SALES IN Tryna Dr. E. Evelyn Ave. Newman Pl. Doverton Sq. Marcelli Cir. Galli Dr. Lundy Ln. E. Washington Ave. Giralda Dr. Thompson Sq. Redondo Ter. Villa St. Vinedo Ln. Easy St. Lisa Ln. David s sellers received on average 103% of list price in. Regnart Rd. 4 th St. Pine Wy. Judson Dr. Ormonde Dr. Sheffield Ct. Avellino Wy. Fremont Ave. Calderon Ave. Vista Grande Ave. Benvenue Ave. Manor Wy. Carmel Ave. Berkshire Dr. Lassen St. San Luis Ave. Kate Dr. Aura Ct. Page Mill Rd. Revival Ter. Byrd Ln. El Sereno Ct. Thompson Ave Fairview Dr. La Cresta Dr. Priscilla Ct. E. Edith Ave. Deodara Dr. Lida Dr. Rebecca Lynn Wy. Parkhills Ave. San Luis Ave. Tyrella Ave. Sleeper Ave. La Lanne Ct. E. Evelyn Ave. Glen Alto Dr. Heritage Ct. Glen Alto Dr. San Carlos Ave. Panchita Wy. Fordham Wy. W. Edith Ave. N. El Monte Ave. Fordham Wy. 3 rd St. Polk Ct. Murlagan Ave. Sherland Ave.

7 DAVID TROYER #1 TEAM AT INTERO REAL ESTATE Why do more home sellers choose David Troyer? A single agent simply cannot provide the level of service that The Troyer Group does you need a specialist to manage every step of the home sale process Value added services like staging, property inspection, home inspection, and pest inspection are all paid for by David Detailed and budget conscious home preparation is entirely managed by in-house Project Managers (page after page of Troyer Transformations at davidtroyer.com speak for themselves) The most extensive and expensive (paid for by David) marketing program in the industry with a full-time Marketing Manager and professional advertising agency on retainer Full-time, on staff, local employees assist David every step of the sale, freeing up David s time to spend directly with clients For over 20 years, David has specialized in this area and for the past 17 years he has been the real estate agent of choice And the #1 reason home sellers choose David because no one sells more homes in this area than David Troyer Your home is where our heart is Selling a home can be stressful if you choose the wrong agent. Be sure David Troyer is one of your choices to interview. You have nothing to lose. WANT MORE REASONS? Check out David s reviews on THE TROYER GROUP and davidtroyer.com DAVIDTROYER.COM

PALO ALTO REAL ESTATE REVIEW David Troyer Intero Real Estate Services 496 First Street, # 200 Los Altos, CA 94022 PRSRT STD U.S. Postage PAID San Francisco, CA Permit No.

802.0888 marketingdesigns.net DAVID TROYER YOUR PALO ALTO SPECIALIST No one sells more homes in this area than David Troyer.

8 PALO ALTO REAL ESTATE REVIEW David Troyer Intero Real Estate Services 496 First Street, # 200 Los Altos, CA PRSRT STD U.S. Postage PAID San Francisco, CA Permit No If your home is currently listed for sale, this is not intended as a solicitation of that listing. Information in this report is deemed reliable, but not guaranteed. Marketing Designs, Inc marketingdesigns.net DAVID TROYER YOUR PALO ALTO SPECIALIST No one sells more homes in this area than David Troyer. It s results like this that place David as the #1 Team at Intero Real Estate, out of 2,500+ agents, for the past 8 years, and as the #21 Team in North America, per The Wall Street Journal,. AFTER A SHIFT IN THE PALO ALTO MARKET and looking ahead to 2017, many are wondering if this market will last, particularly with the new administration and rising interest rates. Here are my insights (and I would love to discuss them with you in detail): On January 26, the Dow Jones surpassed 20,000 for the first time. The stock market has always been a contributing factor to our real estate market. As the stock market goes up, so does real estate. Short-term and capital gains taxes may go down with a Trump administration. If this happens, more sellers may finally jump into the market to take advantage of the tax break. Interest rates are already rising and many predict they could go as high as 5% by the end of the year. We will likely see an onslaught of buyers early this year as a result. Lower-priced homes and condos/townhomes will be very much in demand as they are more affordable for now. Your home is where our heart is THE TROYER GROUP PALO ALTO REAL ESTATE Prices Decline in Most Areas Fewer Homes Sold Over List Price Days on Market Increase Supply and demand may still be skewed for some time (favoring sellers) while we wait for inventory to increase, which I anticipate to happen. However, last year s data already shows a shift in the market with buyers still regularly paying more than list price, but not by as much as in recent years. The strength of Silicon Valley employment centers are a tour de force in our real estate market. More employees, more housing needed. While I don t think we will see the staggering increases in the market that we saw in recent years, Palo Alto continues to be one of the best places to live in the Bay Area, and I remain optimistic on the long-term value of home ownership here. DAVID TROYER CalBRE# DAVID@DAVIDTROYER.COM DAVIDTROYER.COM A Berkshire Hathaway Affiliate

2017 LOS ALTOS HILLS REAL ESTATE REVIEW

2017 LOS ALTOS HILLS REAL ESTATE REVIEW Dear Neighbors and Los Altos Hills Homeowners: Your home is where our heart is THE TROYER GROUP I am pleased to present you with my Los Altos Hills Real Estate Review