REAL ESTATE REVIEW

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In 2017, the average sale price of a Portola Valley home reached a new record high at $3,496,770. This is an increase of $425,079 over the average sale price in 2016, which was $3,071,691 and represents a 14% increase. Since the recession, the lowest average price was in 2010 when it was $1,849,640. This is 89% lower than the average price in 2017. There were no sales in 2017 for less than $1,240,000.

Last year, the median price of a home in Portola Valley was $2,999,500, also a record high price. This is a $292,000 increase over 2016, which was $2,707,500. This represents an increase of 11%. Every year since 2009, when the median price was $1,650,000, the median price has increased reaching its current record high in 2017 and climbing 82% in value.

The fourth quarter of 2017 had the highest average price of the year with the only two sales in excess of $10 million each closing in the fourth quarter. The median price was the highest in the second quarter when there was only one sale for less than $2 million and six sales for $4 million or more.

Strong demand for homes in Portola Valley was clearly evidenced by the number that sold for more than list price. Of the 76 sales, 42 sold for more than list price, which represents 55%. One home sold for 67% more than list price and 14 homes sold for double-digit percent increases over list price.

During the past year, the average days on market to sell a property in Portola Valley was 32 days, down from 34 days in 2016 and up just slightly from the record low 30 days in 2015. This is the fastest homes have sold in current records dating back to 2001 when the average days on market were 60+ and some years reaching 80 days. Half of all sales in 2017 occurred in just 12 days or less.

The number of closed escrows in Portola Valley increased from 64 sales in 2016 to 76 sales in 2017 – a 19% increase. The greatest number of sales in the past 10 years was in 2014 when there were 84 and the lowest was in 2008 with 52 sales.