Month-over-Month Changes

In March 2024, the Portola Valley real estate market demonstrated robust growth compared to February 2024:

  • Homes Sold: Increased significantly, with 11 homes sold in March compared to only 4 in February, representing a 175% increase.
  • Median Sale Price: Saw a moderate increase from $3,887,500 in February to $4,000,000 in March, up by 3%.
  • Days on Market (DOM): Decreased from 13 days in February to 9 days in March, indicating faster sales transactions.
  • Percentage of List Price Received: Improved, with sellers receiving 104% of their asking price in March, up from 99% in February.

Analysis

The dramatic increase in sales and the improvement in the percentage of list price received reflect a highly competitive market with strong buyer demand. The slight increase in median sale price and faster sales pace suggest that Portola Valley remains a desirable location, attracting serious buyers.

Year-over-Year Comparison

Comparing March 2024 to March 2023:

  • Homes Sold: An increase from 4 homes last year to 11 homes this year.
  • Median Sale Price: Rose from $3.73M in March 2023 to $4.00M in March 2024.
  • Days on Market: Improved significantly from 17 days last year to 9 days this year.
  • Percentage of List Price Received: Sellers received 104% of their list price in March 2024, compared to 98% in March 2023.

Analysis

Year-over-year improvements across all metrics indicate a strengthening market. The increase in sales and sale prices, combined with a faster market pace and higher received list prices, shows that Portola Valley is experiencing a seller’s market with increasing property values.

Price Points and Quadrants

The quadrant breakdown for March 2024 is as follows:

  • Top Quadrant: 3 homes sold, Median Sale Price: $7,300,000; Median DOM: 71; Avg. $/Sq.Ft.: $2,089.
  • Second Quadrant: 3 homes sold, Median Sale Price: $4,100,000; Median DOM: 5; Avg. $/Sq.Ft.: $1,453.
  • Third Quadrant: 3 homes sold, Median Sale Price: $3,450,000; Median DOM: 12; Avg. $/Sq.Ft.: $1,045.
  • Bottom Quadrant: 2 homes sold, Median Sale Price: $1,887,500; Median DOM: 53; Avg. $/Sq.Ft.: $1,338.

Analysis

This breakdown shows that high-end homes, while taking longer to sell, command a premium in both sale price and per square foot. The faster turnover in the second and third quadrants suggests more fluid market conditions in mid-priced homes. The bottom quadrant, while slower, still reflects active buyer interest in more affordable options.

Conclusion

Portola Valley’s real estate market in March 2024 showed significant positive trends, making it a standout period for both sellers and buyers. Sellers benefited from quick sales at prices above asking, while buyers invested in a market that continues to promise value growth. This vibrant market scenario presents unique opportunities and challenges for all parties involved in the real estate transaction process.

Data provided by MLS Listings and is deemed reliable but not guaranteed.