In 2018, the average sale price of a Portola Valley home was almost the same as 2017’s record high. With just a slight decline of $34,861, the year’s average price ended at $3,461,909. This is a drop of less than 1% and is still 87% higher than it was in the recession low of 2010. However, the median price was 11% higher than it was in 2017 and was a record high at $3,340,000. This is more than double what the median price was just 9 years ago when it was $1,650,000 in 2009. Keep in mind that any properties sold in Portola Valley off the Multiple Listing Service (MLS) are not part of this review.
The fourth quarter of 2018 had the highest average price of the year when three of the four highest sales (all in the $6 million price range) closed escrow. Following suit, the median price was also the highest in the fourth quarter; contributing to this was the fact that there were no sales for less than $2.1 million.
Strong demand for homes in Portola Valley was clearly evidenced by the number that sold for more than list price. Of the 60 sales, 29 sold for more than list price, which represents 48%. One home sold for 66% more than list price and 10 homes sold for double-digit percent increases over list price.
It took longer to sell a property in Portola Valley in 2018 at an average of 41 days, up from 32 days in 2017 and from the record low 30 days in 2015. This is still much faster than it was between 2002 to 2012 when the average days on market was 57+ and some years reaching 80 days. On a very positive note, half of all sales in 2018 occurred in just 11 days or less.
The number of closed escrows in Portola Valley fell from 76 sales in 2017 to 60 sales in 2018, the lowest number since 2010 when there were 53 sales. The highest number of sales in the past 10 years was in 2014 with 84 sales.