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Portola Valley 2016 Market Update

January 23 2017
January 23 2017
By

The real estate market in Portola Valley remained strong and stable in 2016. The median sales price of a home in Portola Valley in 2016 was $2,815,000. This is a very small increase over last year's median price of $2,725,000. Sales prices were slightly over the median list price of $2,800,000.

PV Median Numbers
The most expensive home sold in Portola valley in 2016 was a new home in the Blue Oaks subdivision which sold for $13,297,500. The lowest priced home was a small 810 square foot home in Los Trancos Woods which sold for $950,000. Homes took exactly the same number of days to sell in 2016 as in 2015—36. Essentially, the market moved sideways from 2015, which is good as 2015 was a strong year.

The availability of homes on the market continued to be our driving issue. In 2016 we had a slight increase in the number of new listings at 67 compared to 58 in 2015, but our inventory was still below historical averages.

PV Highlights

The most notable trend is that many buyers are attracted to new homes or homes that have been recently updated and are in move- in condition. This is shown by the numerous cases in which we sawy multiple bids on homes in excellent condition, while older, more dated homes took longer to sell.

Wonder what will happen in the market in 2017? Stay tuned for my next blog.


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