Month-over-Month Changes

In May 2024, the Portola Valley real estate market saw the following changes compared to April 2024:

  • Homes Sold: 1 home was sold, showing no change from the previous month.
  • Median Sale Price: The median sale price was $4.15M.
  • Days on Market (DOM): The median days on market were 10 days.
  • Percentage of List Price Received: Sellers received 100% of their asking price.
  • Months of Inventory: Remained steady at 0.0 months.
  • Average Dollar per Sq. Ft.: The average price per square foot was $1,249.

Analysis

The month-over-month data indicates stability in the Portola Valley market. Despite a low number of sales, the median sale price and average dollar per square foot remain strong. The consistent DOM and 100% of the list price received suggest a stable demand, with homes selling at the expected prices.

Year-over-Year Comparison

Comparing May 2024 to May 2023, the following changes were noted:

  • Homes Sold: Remained at 1 home sold.
  • Median Sale Price: Increased from May 2023 to $4.15M.
  • Days on Market (DOM): Median DOM was 10 days.
  • Percentage of List Price Received: Sellers received 100% of their asking price in May 2024.
  • Months of Inventory: Steady at 0.0 months.
  • Average Dollar per Sq. Ft.: The average price per square foot was $1,249.

Analysis

The year-over-year data shows that while the number of homes sold remained the same, there has been a notable increase in the median sale price and the average dollar per square foot. This indicates a strong seller’s market, with high demand and increasing property values.

Price Points and Quadrants

The sales details for May 2024 were broken down by price points and quadrants:

  • Top Quartile: Homes Sold: 1, Median Sale Price: $4,375,000, Median DOM: 28 days, Average $/Sq.Ft.: $1,092
  • Second Quartile: Homes Sold: 2, Median Sale Price: $3,419,000, Median DOM: 9 days, Average $/Sq.Ft.: $992
  • Third Quartile: Homes Sold: 1, Median Sale Price: $2,650,000, Median DOM: 11 days, Average $/Sq.Ft.: $1,698
  • Bottom Quartile: Homes Sold: 1, Median Sale Price: $1,500,000, Median DOM: 4 days, Average $/Sq.Ft.: $1,376

Analysis

The data indicates that the top and second quartiles are seeing significant activity, with higher-priced homes moving at a relatively steady pace. The third and bottom quartiles, although having fewer sales, show competitive pricing and quick sales, particularly in the bottom quartile where the median DOM is just 4 days. This suggests a strong demand across different price points, with higher-priced homes still commanding substantial values.

Conclusion

The Portola Valley market in May 2024 showed stability in the number of homes sold month-over-month and year-over-year. The consistent median sale prices and average dollar per square foot highlight a strong market. The price points and quadrant analysis reveal that while higher-priced homes are more active, there is robust demand across all price points.

The data provides valuable insights for both buyers and sellers, indicating a balanced market with strong property values and consistent demand.

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