Despite a pandemic, the Portola Valley real estate market reached record highs in 2020. Properties with land, outdoor living spaces, and plenty of room for work-from-home and distance learning were all in demand – all characteristics of many Portola Valley homes. The average price exceeded $4 million for the first time and was up 17% compared to 2019; the median price was up 15%. There were 3 sales for more than $10 million and only 7 sales for less than $2 million. The vast majority of the homes, 29%, sold between $3 million and $4 million.
There were 92 homes sold, the highest number on records dating back to 2004, and a significant 70% more than in 2019. Demand was incredibly strong as some sellers moved up to get more indoor and/or outdoor space and some left the area all together. And there were plenty of buyers looking for the lifestyle Portola Valley offers.
As always, Central Portola Valley had the greatest number of sales, at 53 (a record by far!), followed by Ladera with 15 sales. Los Trancos had 12 sales, Portola Valley Ranch had 7 sales, Brookside/Willowbrook had 1 sale, and Santa Maria/Russell had 4 sales. Despite the high number of sales in Central Portola Valley, the average price was not a record high, yet was still in excess of $5 million. In fact, the only area to reach a record high average price was Santa Maria/Russell at just over $2.2 million.
Only 21 homes, or 23%, sold for more than list price, a lower percentage than we are used to in recent years. On average, homes sold for 97% of list price. Homes sold relatively quickly at a median days of 16, but it is important to note that there was a period of time at the onset of the pandemic when days on market were not being tallied.
Our outlook for 2021 remains bullish on real estate in Portola Valley. There are only 12 homes currently for sale and 5 of those are between $16 million and $33 million. Already this year, 1 home has gone into contract after just 3 days on the market. A total of 5 homes have gone into contract since December 1. Based on the strength of the stock market last year, the continuing historic low interest rates, and the ongoing need to redefine a personal living environment spurred by the pandemic, we believe demand will remain high.
Once again in 2020, we represented more buyers and sellers in Portola Valley than any other agent; in fact, we represented almost double the number of sellers than any other agent. If you are thinking of buying or selling in 2021, 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.