Month-over-Month Changes

In October 2023, the Portola Valley real estate market experienced notable shifts compared to September 2023:

  • Homes Sold: There were 2 homes sold, a significant 50% decrease from 4 sales in the previous month.
  • Median Sale Price: There was a dramatic 57% decrease, dropping from $4,530,000 in September 2023 to $1,969,000 in October 2023.
  • Days on Market (DOM): The DOM decreased, falling to 8 days in October from 21 days in September 2023.
  • Percentage of List Price Received: Sellers received an average of 103% of their asking price, a slight increase from 101% in September 2023.

Analysis:

The month-over-month data indicates a cooling in the Portola Valley market, with a substantial decrease in the number of 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 is slowing, properties that do sell are still fetching competitive prices.

Year-over-Year Comparison

Comparing October 2023 to October 2022, the following changes were observed:

  • Homes Sold: Decreased by 78%, from 9 homes in October 2022 to 2 in October 2023.
  • Median Sale Price: Dropped significantly from $4.20M in October 2022 to $1.97M in October 2023.
  • Days on Market: Decreased from 17 days in October 2022 to 8 days in October 2023.
  • Percentage of List Price Received: Increased from 97% in October 2022 to 103% in October 2023.
  • Months of Inventory: Increased from 2.3 in October 2022 to 5.0 in October 2023.

Analysis:

Year-over-year, the Portola Valley market has experienced a significant reduction in the number of homes sold and a major decrease in median sale prices. The faster sales cycle, as indicated by the reduced DOM, and the higher percentage of list price received, suggest a market where, despite fewer transactions, demand remains for the properties that are available.

Price Points and Quadrants

The sales details for October 2023 in Portola Valley were broken down by quadrants:

  • Top Quadrant: No homes sold.
  • Second Quadrant: 1 home sold, Median Sale Price: $2,850,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,706.
  • Third Quadrant: 1 home sold, Median Sale Price: $1,088,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,056.
  • Bottom Quadrant: No homes sold.

Analysis:

The data indicates that the middle price ranges in Portola Valley are where transactions are occurring, with no activity in the top and bottom quadrants. This suggests a market that is currently more active in the mid-price range, with higher-priced properties seeing less movement.

Conclusion

The Portola Valley market in October 2023 showed a significant decrease in homes sold and a substantial drop in median sale prices compared to the previous month and year-over-year. The market dynamics indicate a shift, with properties still achieving above asking prices but with fewer transactions occurring. The quadrant data reveals a focus on mid-range properties, providing insights for potential buyers and sellers in this market segment.

 

Data provided by MLSListings and is deemed reliable but not guaranteed.