Month-over-Month Changes

In August 2023, Portola Valley’s real estate market showed some significant changes compared to July 2023:

  • Homes Sold: 3 homes were sold, marking a 25% decrease from 4 sales the previous month.
  • Median Sale Price: There was a 96% increase in the median sale price, from $3,807,500 in July 2023 to $7,450,000 in August 2023.
  • Days on Market (DOM): The DOM rose to 55 from 30 in July 2023.
  • Percentage of List Price Received: Sellers received 95% of their asking price, down from 97% in July 2023.

Analysis

The month-over-month data indicates a market that is becoming more favorable for sellers, especially in terms of sale prices. However, the decrease in the percentage of list price received and the longer DOM suggest that buyers are becoming more cautious.

Year-over-Year Comparison

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

  • Homes Sold: Increased by 50%, from 2 to 3.
  • Homes Listed: Decreased by 67%, from 9 to 3.
  • Median Sale Price: Increased from $3.45M to $7.45M.
  • Median Days on Market: Increased from 41 to 55.
  • Percentage of List Price Received: Remained consistent at 95%.

Analysis

Year-over-year, the market has seen a significant increase in sale prices and a faster sales cycle, suggesting a seller’s market where inventory is tight but demand is high enough to drive up prices.

Price Points and Quadrants

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

  • Top Quadrant: 1 home sold, Median Sale Price: $11,200,000, Median DOM: 51, Avg. $/Sq.Ft.: $2,103.
  • Second Quadrant: 1 home sold, Median Sale Price: $7,450,000, Median DOM: 102, Avg. $/Sq.Ft.: $2,129.
  • Third Quadrant: 1 home sold, Median Sale Price: $6,400,000, Median DOM: 55, Avg. $/Sq.Ft.: $1,016.

Analysis

The data shows that all quadrants are active, but the top and second quadrants are seeing the most activity. 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 August 2023 showed a significant increase in median sale prices both month-over-month and year-over-year. The market is particularly strong for sellers, especially in the higher price ranges.

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