Month-over-Month Changes

In November 2023, the Portola Valley real estate market experienced significant changes compared to October 2023:

  • Homes Sold: There was a 200% increase in homes sold, from 2 sales in October to 6 in November.
  • Median Sale Price: The median sale price saw a substantial rise of 97%, from $1,969,000 in October to $3,875,000 in November.
  • Days on Market (DOM): The DOM increased to 14 days in November, up from 8 days in October.
  • Percentage of List Price Received: Sellers received an average of 104% of their asking price in November, a slight increase from 103% in October.

Analysis

The month-over-month data indicates a robust and growing market in Portola Valley, with a significant increase in sales and median sale prices. The rise in DOM suggests a slight slowing in the pace of sales, but the high percentage of list price received indicates continued strong demand.

Year-over-Year Comparison

Comparing November 2023 to November 2022, we observe the following trends:

  • Homes Sold: A 20% increase in homes sold, from 5 in November 2022 to 6 in November 2023.
  • Median Sale Price: A decrease of 24%, from $4.48M in November 2022 to $3.88M in November 2023.
  • Days on Market: An increase in DOM from 12 days in November 2022 to 14 days in November 2023.
  • Percentage of List Price Received: Sellers received 104% of their asking price in November 2023, up from 98% in November 2022.
  • Months of Inventory: Increased from 2.1 in November 2022 to 3.8 in November 2023.

Analysis

Year-over-year, the Portola Valley market shows an increase in the number of homes sold and a higher percentage of list price received, indicating a healthy market. However, the decrease in median sale prices and the increase in DOM suggest a slight cooling and more balanced market conditions.

Price Points and Quadrants

The sales details for November 2023 were broken down by quadrants:

  • Top Quadrant: 2 homes sold, Median Sale Price: $6,175,000, Median DOM: 101, Avg. $/Sq.Ft.: $1,257.
  • Second Quadrant: 2 homes sold, Median Sale Price: $3,875,000, Median DOM: 13, Avg. $/Sq.Ft.: $1,407.
  • Third Quadrant: 1 home sold, Median Sale Price: $3,150,000, Median DOM: 16, Avg. $/Sq.Ft.: $1,048.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $2,610,816, Median DOM: 8, Avg. $/Sq.Ft.: $977.

Analysis

The quadrant data reveals a diverse market in Portola Valley, with activity across all price ranges. The top and second quadrants, representing higher-priced homes, show significant sales activity, indicating a strong market for premium properties.

Conclusion

The Portola Valley real estate market in November 2023 demonstrated a dynamic and evolving landscape. The significant month-over-month increase in sales and median sale prices reflects a robust market. However, the year-over-year data suggests a shift towards more balanced conditions, with a decrease in median sale prices and an increase in DOM. The quadrant analysis provides insights into the varied market dynamics, highlighting the strength in the high-end market segment.

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