Updated April 23, 2018
Market Snapshot – Portola Valley (Recent Sales here)
Because of the relatively small number of properties that sell each month in Portola Valley, the impact of an outlying sale can skew the sales data. This is reflected in the graphs below, yet Portola Valley continues to mirror the overall market trend in the Bay Area, with rising sale prices. Median sales price is up 29.5% over last year.
The current Bay Area real estate market hinges on an extremely low supply of homes. This low inventory, combined with strong demand among home buyers, is largely responsible for the continued appreciation across most price points and markets. According to Trulia’s Chief Economist Ralph McLaughlin, this isn’t a bubble as we’ve seen in previous up cycles, but the result of basic economic forces of (lack of) supply and (strong) demand. Multiple forces are keeping home inventory low. There aren’t enough new homes being built to meet increasing demand. Additionally, current California property tax code provides a strong financial incentive for long-term homeowners to stay in their existing homes. McLaughlin also notes that the new congressional tax plan with its lower cap on the mortgage interest deduction may act to further limit supply. Under the new law, the cap on the mortgage interest deduction is reduced from $1 million to $750,000. Existing homeowners are grandfathered in at the $1 million level, giving them even more incentive to stay put.
Finally, the Fed raised interest rates in March, which will likely impact mortgage rates. Higher mortgage rates reduce buying power. Between reduced buying power and increasing prices, time is not on the side of buyers right now. Those who are ‘waiting it out’ may be waiting a long time.
Here are the numbers for March 2018. If you are curious about your Portola Valley home value, you can receive a free online estimate, or request a custom evaluation which we are happy to give to you, free, without the hard sales pitch.
|Mar-18||% Change Year Over Year Rolling 3 Month Average|
|Median Sales Price ($USD)||$3,800,000||29.5%|
|New Listings (#)||7||-39.13%|
|Homes Sold (#)||3||-38.46%|
|Months of Inventory||3.7||149.09%|
|Median Days on Market (DOM)||16||4.92%|
|Average Days on Market (DOM)||14||-45.69%|
Median Sales Price – Portola Valley SFR
Ratio of List Price to Sold Price (Overbids) – Portola Valley SFR
Number of New Listings vs Sold Listings, Portola Valley SFR
Months of Inventory – Portola Valley SFR
Median and Average Days on Market (DOM) – Portola Valley SFR
Portola Valley Closed Sales since 1/1/2018
|Street Address||Close Date||Price/SqFt||Sale Price||RATIO Close Price By List Price||DOM||Beds Total||Bths||Sq Ft Total||Lot Size|
|281 S Balsamina Way||4/4/18||1,540.11||$2,880,000||1.13||13||4||2|0||1,870||11,935 Lot SqFt|
|155 Cherokee Way||2/16/18||1,474.36||$3,450,000||0.961||74||4||3|0||2,340||1.01 Acres|
|30 Ciervos Road||3/5/18||1,039.60||$2,100,000||0.957||17||2||2|1||2,020||1.56 Acres|
|165 Fawn Lane||3/13/18||1,097.94||$5,325,000||0.969||16||5||5|1||4,850||2.01 Acres|
|15 Leroy Way||1/29/18||771.93||$2,200,000||1||0||3||2|0||2,850||27,900 Lot SqFt|
|15 Pomponio||3/13/18||1,031.21||$3,800,000||1.119||9||4||3|0||3,685||21,600 Lot SqFt|
|30 Shoshone Place||2/1/18||1,677.07||$4,461,000||0.991||7||4||3|1||2,660||1.03 Acres|
|339 Wayside Road||2/13/18||1,450.98||$740,000||0.926||91||1||1|0||510||11,021 Lot SqFt|
|135 Willowbrook Drive||2/26/18||1,060.86||$6,450,000||0.985||22||6||6|1||6,080||1.40 Acres|