Month-over-Month Changes

In September 2023, the Portola Valley real estate market showed some notable changes compared to August 2023:

  • Homes Sold: 4 homes were sold, marking a 33% increase from 3 sales the previous month.
  • Median Sale Price: Decreased by 39% from $7,450,000 in August 2023 to $4,530,000 in September 2023.
  • Days on Market (DOM): Dropped to 21 days from 55 days in August 2023.
  • Percentage of List Price Received: Sellers received 101% of their asking price, up from 95% in August 2023.

Analysis

The month-over-month data indicates a market in flux. While the number of homes sold increased, the median sale price saw a significant drop. The decrease in DOM suggests that homes are selling faster, and sellers are receiving more than their asking price, indicating a strong seller’s market.

Year-over-Year Comparison

Comparing September 2023 to September 2022, the following changes were noted:

  • Homes Sold: Decreased by 43%, from 7 to 4.
  • Homes Listed: Decreased by 64%, from 14 to 5.
  • Median Sale Price: Increased from $4.25M to $4.53M, a 7% rise.
  • Median Days on Market: Increased from 7 to 21 days.
  • Percentage of List Price Received: Increased from 99% to 101%.
  • Months of Inventory: Decreased from 3.9 to 3.0.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold and listed, but an increase in sale prices. The longer DOM and higher percentage of list price received suggest a market that is still favorable for sellers but requires more time for transactions to close.

Price Points and Quadrants

The sales details for September 2023 were broken down by quadrants:

  • Top Quadrant: 1 home sold, Median Sale Price: $6,500,000, Median DOM: 38, Avg. $/Sq.Ft.: $1,457.
  • Second Quadrant: 1 home sold, Median Sale Price: $5,100,000, Median DOM: 3, Avg. $/Sq.Ft.: $2,073.
  • Third Quadrant: 1 home sold, Median Sale Price: $3,960,000, Median DOM: 4, Avg. $/Sq.Ft.: $1,609.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $3,753,750, Median DOM: 148, Avg. $/Sq.Ft.: $853.

Analysis

The data shows that all quadrants are active, but the top and second quadrants are seeing the most activity in terms of price per square foot. This suggests that higher-priced homes are moving quickly, indicating a strong market for sellers in these price ranges.

Conclusion

The Portola Valley market in September 2023 showed an increase in homes sold compared to the previous month but a decrease in homes listed year-over-year. The increase in median sale price year-over-year and the decrease in DOM month-over-month indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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