Month-over-Month Changes

In April 2024, the Portola Valley real estate market exhibited several changes compared to March 2024:

  • Homes Sold: 7 homes were sold, which is a 36% decrease from 11 sales in the previous month.
  • Median Sale Price: There was a 3% decrease in the median sale price, dropping from $4,000,000 in March 2024 to $3,875,000 in April 2024.
  • Days on Market (DOM): The average DOM decreased to 8 days from 9 days in March 2024.
  • Percentage of List Price Received: Sellers received 104% of their asking price on average, up from 102% in the previous month.

Analysis

The month-over-month data indicates a slight cooling in the market. The decrease in homes sold and the slight reduction in the median sale price suggest that buyer activity may be stabilizing after a strong March. However, the decrease in DOM and the high percentage of the list price received indicate that the market remains competitive, with well-priced homes continuing to attract strong offers.

Year-over-Year Comparison

Comparing April 2024 to April 2023, the following changes were observed:

  • Homes Sold: Increased by 250%, from 2 to 7 homes.
  • Homes Listed: Decreased by 35%, from 17 to 11 listings.
  • Median Sale Price: Increased from $2.90M in April 2023 to $3.88M in April 2024.
  • Median Days on Market: Significantly decreased from 36 days in April 2023 to 8 days in April 2024.
  • Average Price per Sq. Ft.: Rose from $1244 in April 2023 to $1788 in April 2024.
  • Percentage of List Price Received: Increased from 98% to 104%.
  • Months of Inventory: Decreased from 7.5 months in April 2023 to 1.6 months in April 2024.

Analysis

Year-over-year, the Portola Valley market has seen substantial growth in home sales and median prices, alongside a significant decrease in the number of days homes remain on the market. The reduction in inventory and the high percentage of the list price received underscore a robust seller’s market, with high demand and limited supply driving up prices and reducing sales cycles.

Price Points and Quadrants

The sales details for April 2024 were broken down by quadrants:

  • Top Quadrant: Homes Sold: 2, Median Sale Price: $8,110,000, Median DOM: 4, Avg. $/Sq.Ft.: $1,989
  • Second Quadrant: Homes Sold: 2, Median Sale Price: $4,037,500, Median DOM: 252, Avg. $/Sq.Ft.: $1,553
  • Third Quadrant: Homes Sold: 2, Median Sale Price: $3,500,500, Median DOM: 7, Avg. $/Sq.Ft.: $1,928
  • Bottom Quadrant: Homes Sold: 1, Median Sale Price: $3,295,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,390
  • Analysis

The data shows that the top and third quadrants are particularly active, with high median sale prices and relatively short days on market. This suggests that luxury homes in Portola Valley are moving quickly, reflecting strong demand in the higher price brackets. The second quadrant, while showing a higher median DOM, still indicates robust activity with a significant average price per square foot. The bottom quadrant, though less active, demonstrates steady demand for lower-priced homes, maintaining market diversity.

Conclusion

The Portola Valley real estate market in April 2024 showed a decrease in the number of homes sold compared to the previous month, but a substantial increase in median sale prices year-over-year. The significant reduction in days on market and the high percentage of the list price received indicate a competitive market favoring sellers. The breakdown by quadrants reveals strong activity across all price points, with particular strength in the luxury segment.

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