In 2019, the average sale price of a Portola Valley home reached a record high increasing 2.5% to $3,547,592. This was 91% higher than it was in the recession low of 2010 when the average price was $1,857,652. Contributing to the increase were 4 homes that sold for more than $7 million, including one for more than $13.7 million.
While the average price reached a record high, the median price in 2019 declined with a 9% drop from the 2018 high of $3,340,000 finishing the year at $3,042,500. This was 84% higher than what the median price was just 10 years ago when it was $1,650,000 in 2009. Contributing to the lower median price was the fact that 9 homes sold for less than $2 million. Keep in mind that any properties sold in Portola Valley off the Multiple Listing Service (MLS) are not part of this review.
The first quarter of 2019 saw the highest average price of the year when it reached a record of $4,595,714. The median price did not reach the highest quarter until the second quarter; it was still much less than three quarterly highs set in 2017 and 2018 as the graph shows.
Only 12 Portola Valley homes, or 22%, sold for more than list price, far fewer than 48% in 2018. 8 homes sold for list price and 34 homes sold for less than list price.
It took longer to sell a property in Portola Valley in 2019 at an average of 58 days, up from 41 days in 2018 and 32 days in 2017. Only 15 homes, or 28%, sold in 2 weeks or less. There were 9 homes that were on the market for more than 100 days.
The number of closed escrows in Portola Valley fell to 54 sales in 2019 from 60 sales in 2018, almost matching the lowest of current records when there were 53 sales in 2010. The highest number of sales in the past 13 years was in 2014 with 84 sales.