Portola Valley – 2014 First Half Performance

The Portola Valley real estate market delivered another record setting performance in the first half.  Total dollar volume hit $136 million, an all time high, with 50 closed sales and a median sale price of $2.4 million.  New listings sold in no time at all—22 days on average, which is less than half the time it took a year ago.  The number of homes available for sale at the end of the period was the lowest level we’ve seen in years and prices continue to climb.  It’s still all about demand and supply.  Silicon Valley is booming.  Venture capital investment is up sharply; companies are hiring, and foreign buyers are keen to invest in properties here.  On the supply side, new housing development is extremely limited and existing homeowners are staying put.  Buyers, if you aren’t able to save as much as the market appreciates in a year then consider buying sooner rather than later to gain a foothold in the market.  Sellers, despite the strong market, don’t underestimate the importance of thoroughly prepping your home for sale to ensure that you get the highest possible price.  Please call with questions!


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