Month-over-Month Changes

The Portola Valley real estate market experienced some changes in July 2023 compared to June 2023. Here’s a summary:

  • Homes Sold: 4 homes were sold, a 50% decrease from 8 sales the previous month.
  • Median Sale Price: There was a 10% increase, from $3,455,000 in June to $3,807,500 in July.
  • Days on Market (DOM): The DOM dropped to 30 from 54 in June.
  • Percentage of List Price Received: Sellers received 97% of their asking price, an increase from 96% in June.

These changes suggest a market with fewer sales but higher prices.

Year-over-Year Comparison

Comparing July 2023 to July 2022, the following year-over-year changes were noted:

  • Homes Sold: No change, remaining at 4.
  • Homes Listed: Decreased by 50%, from 6 to 3.
  • Median Sale Price: Increased by 15%, from $3.32M to $3.81M.
  • Average Dollar per Square Foot: Increased by 6%, from $1216 to $1288.
  • Median Days on Market: Increased by 58%, from 19 to 30.
  • Months of Inventory: Decreased by 17%, from 2.3 to 1.9.

These statistics indicate a market with fewer listings but higher prices and longer selling times compared to the previous year.

Price Points and Quadrants

The July 2023 sales details were broken down by quadrants:

  • Top Quadrant: 1 home sold, Median Sale Price: $6,500,000, Median DOM: 82, Avg. $/Sq.Ft.: $1,411.
  • Second Quadrant: 1 home sold, Median Sale Price: $3,890,000, Median DOM: 25, Avg. $/Sq.Ft.: $1,379.
  • Third Quadrant: 1 home sold, Median Sale Price: $3,725,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,303.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $3,700,000, Median DOM: 34, Avg. $/Sq.Ft.: $1,058.

These details provide insights into the segments of the market that are most active, with an even distribution across the quadrants.

Conclusion

The Portola Valley market in July 2023 showed a decrease in sales but an increase in prices compared to both the previous month and year. The breakdown by quadrants offers valuable insights for buyers and sellers, highlighting the competitive nature of the market.

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