Month-over-Month Changes

In January 2024, the Portola Valley real estate market experienced significant changes compared to December 2023:

  • Homes Sold: There was a 50% decrease, with 2 homes sold in January compared to 4 in the previous month.
  • Median Sale Price: Saw a 42% decrease from $4,954,500 in December 2023 to $2,882,500 in January 2024.
  • Days on Market (DOM): Dropped significantly to 4 days from 19 days in December 2023.
  • Percentage of List Price Received: Sellers received 113% of their asking price, up from 100% in December 2023.

Analysis

The month-over-month data indicates a cooling in the market, with fewer homes sold and a significant drop in median sale prices. However, the decrease in DOM and the increase in the percentage of list price received suggest that while the market has slowed, buyers are still willing to pay above asking prices for desirable properties.

Year-over-Year Comparison

Comparing January 2024 to January 2023, we observe the following trends:

  • Homes Sold: Decreased by 33%, from 3 sales in January 2023 to 2 in January 2024.
  • Median Sale Price: Decreased by 10%, from $3.20M in January 2023 to $2.88M in January 2024.
  • Days on Market (DOM): Saw a dramatic decrease from 33 days in January 2023 to just 4 days in January 2024.
  • Percentage of List Price Received: Increased significantly from 101% in January 2023 to 113% in January 2024.
  • Months of Inventory: Decreased from 2.7 months in January 2023 to 2.0 months in January 2024.
  • Average Dollar per Sq. Ft.: Increased by 12%, from $1,160 in January 2023 to $1,280 in January 2024.

Analysis

Year-over-year, the Portola Valley market has tightened, with fewer homes sold but a much quicker sales cycle, as indicated by the drastic reduction in DOM. Despite a decrease in median sale prices, the significant increase in the percentage of list price received and the average dollar per square foot suggests a market where demand remains strong, particularly for well-priced and well-located properties.

Price Points and Quadrants

January 2024 sales details by quadrant were not explicitly provided in the summary. However, the overall market dynamics indicate a shift in buyer preferences and market activity across different price points. The significant changes in median sale prices, DOM, and the percentage of list price received reflect a competitive market environment, likely with variances across different segments.

Conclusion

The Portola Valley real estate market in January 2024 showed signs of cooling with a decrease in homes sold and median sale prices. However, the market remains competitive, as evidenced by the low DOM and high percentage of list price received. This suggests that while the market may be slowing, there is still significant buyer interest, especially for properties that are priced competitively. Sellers and buyers alike must stay informed of these dynamics to navigate the market effectively.

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