In Portola Valley, the 2019 real estate market was strong. A record-high average price was reached at $3,547,592, however the median price declined 9% to $3,042,500. This was due in part to 9 sales for less than $2 million and only 7 sales for more than $5 million. The vast majority of the homes, 57%, sold between $2 million and $4 million.

Lack of inventory resulted in 54 sales last year, the lowest number since 2010 with 53 homes sold. There were 75 new listings in 2019, the lowest number on current records that date back to 2003. In the 10 years preceding 2019, the number of new listings ranged from 80 to 101.

As always, Central Portola Valley had the greatest number of sales, at 20, followed by Ladera with 13. Los Trancos had 7 sales, Portola Valley Ranch had 6 sales, Brookside/Willowbrook had 5 sales, and Santa Maria/Russell had 3 sales. The greatest median price changes were in Central Portola Valley, which increased 13%, Santa Maria/Russell which had a 15% drop, and Portola Valley Ranch, which declined 10%.

Only 10 homes sold for more than list price, a much lower percentage than we are used to in recent years. On average, homes sold for 98% of list price. Homes took longer to sell in 2019 with a median days on market of 36 compared to 11 in 2018. Fourteen homes took less than 2 weeks to sell but 9 homes were on the market for more than 100 days before selling.

Our outlook for 2020 remains bullish on real estate in Portola Valley. Already this year, 2 homes have gone into contract, each of which were on the market for more than 87 days. Based on the strength of the stock market last year, the continuing historic low interest rates, plus the new wealth created by major IPOs last year like Uber, Lyft, and Pinterest, we believe demand will remain high.

Once again in 2019, we represented more buyers and sellers in Portola Valley than any other agent; in fact, our number of sales was more than double anyone else having represented 9 sellers and 6 buyers. If you have been thinking about buying or selling in 2020, it would be our pleasure to represent you. If you have any questions about Portola Valley real estate, or the surrounding Peninsula communities, please reach out by phone or email.