Month-over-Month Changes

In February 2024, Portola Valley’s real estate market witnessed significant movements compared to January 2024:

  • Homes Sold: There was a remarkable 100% increase in homes sold, from 2 in January to 4 in February.
  • Median Sale Price: Experienced a substantial rise of 35%, climbing from $2,882,500 in January to $3,887,500 in February.
  • Days on Market (DOM): The DOM increased to 13 days in February, up from 4 days in January, indicating a slower pace in the sales process.
  • Percentage of List Price Received: Sellers received 99% of their asking price in February, a decrease from 113% in January, suggesting a slight shift towards buyers’ favor.

Analysis

The month-over-month data reveals a dynamic Portola Valley market with a significant increase in homes sold and median sale prices. The rise in DOM and the slight decrease in the percentage of list price received might indicate a more balanced market, where buyers are starting to have slightly better negotiation leverage.

Year-over-Year Comparison

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

  • Homes Sold: Doubled, indicating a 100% increase year over year.
  • Median Sale Price: Saw a decrease from $6.68M in February 2023 to $3.89M in February 2024, reflecting market adjustments.
  • Days on Market: Significantly reduced from 95 days in February 2023 to 13 days in February 2024, showing a faster-moving market.
  • Percentage of List Price Received: Increased from 90% in February 2023 to 99% in February 2024, indicating a stronger seller’s market.
  • Months of Inventory: Decreased from 4.7 in February 2023 to 3.0 in February 2024, suggesting tighter inventory conditions.

Analysis

Year-over-year data indicates a substantial increase in market activity with more homes being sold. Despite the median sale price showing a decrease, the significant reduction in DOM and increased percentage of list price received highlight a competitive market for buyers, with sellers gaining a better position compared to last year.

Price Points and Quadrants

The sales details for February 2024 in Portola Valley, broken down by quadrants, show varied activity across different market segments:

  • Top Quadrant: 1 home sold, Median Sale Price: $4,150,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,828.
  • Second Quadrant: 1 home sold, Median Sale Price: $3,925,000, Median DOM: 45, Avg. $/Sq.Ft.: $1,301.
  • Third Quadrant: 1 home sold, Median Sale Price: $3,850,000, Median DOM: 0, Avg. $/Sq.Ft.: $2,127.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $2,000,000, Median DOM: 17, Avg. $/Sq.Ft.: $1,242.

Analysis

The distribution of sales across different price quadrants in February 2024 suggests a broad range of buyer interests and market strengths. The activity in the top quadrant, characterized by the highest median sale price and a relatively low DOM, points to a continued demand for high-end properties. Conversely, the bottom quadrant shows the market’s capacity to accommodate more budget-conscious buyers, albeit with slightly longer selling times.

Conclusion

February 2024’s market update for Portola Valley shows a robust real estate environment with significant month-over-month growth in sales and median prices. The year-over-year comparison further underscores the market’s dynamism, with improved selling conditions for sellers despite a notable adjustment in median sale prices. The breakdown by quadrants reveals a healthy diversity in the real estate landscape, catering to a wide range of price points and buyer preferences.

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