Sellers Respond to Skyrocketing Prices
A strong local market with skyrocketing prices prompted sellers to move forward and list their homes in the first quarter. We had 36 new listings, an increase of 57% over last year! Buyer demand kept up with supply as homes sold in less than half the time it took a year ago and at premiums above their list prices. This pushed the average sale price to $2.8M–a new all time high for the first quarter.
Three Hot Neighborhoods, with Ladera in the lead
The neighborhoods with the most activity were Ladera, Central Portola Valley and Portola Valley Ranch. Ladera remains a huge draw for young families who want the Las Lomitas School District, convenient shopping and community recreation. We saw dramatic price appreciation in Ladera this quarter, with multiple offers on almost every sale.
What Buyers Want in Central Portola Valley
In Central Portola Valley, buyers are looking for three things:
- large lots
- great views
Most of them are tearing down or remodeling the fifty-year old ranch style homes that are there now and building spectacular new homes. Our Dreyfus Team handled the sale of the ultra modern remodel at 35 Golden Oak with its clean, sleek lines, western hill views and resort like ambiance. It sold almost immediately at $1,475 per square foot, well above the first quarter average. We worked closely with the owner to prepare her home for market then used a premium pricing strategy and a targeted marketing campaign to sell it at top dollar!
Buyers Love Midcentury Modern and Open Space in Portola Valley Ranch
Portola Valley Ranch’s mid-century contemporary style homes and acres of open space are also attracting a new generation of buyers. Many original owners from the 1970s are ready to downsize out of these spacious, multi-level homes. Families with middle school aged children find the Ranch convenient because Corte Madera Middle School sits at the entry of the development, and kids this age can walk to and from school unattended.
Even the High Hills are Moving Right Now
Even the more rural locations around Los Trancos Woods and Santa Maria are selling well right now. So if you are considering selling, this is your market! But, don’t underestimate the importance of preparing your home in advance. It makes all the difference. We prove it over and over again that the best-prepared homes sell the fastest and at the highest prices. Please call me to discuss, thank you!