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2014 Portola Valley Annual Review

I am pleased to share this review of our local real estate market. This analysis is based on home sales recorded through the Multiple Listing Service. It does not include any private/off-market sales, but I can provide information on those if you are interested. As a Portola Valley homeowner since 1973 and agent since 1985, I know Portola Valley inside and out and have gained an in-depth knowledge of the intricacies involved with buying and selling property here. I hope you enjoy the insights on the Portola Valley market trends and property valuations.

Overview

The market showed significant growth year-over-year with sales up 9%, the median price up by 7% and the average time on the market decreasing by 10%. The highest end of the market performed extremely well with 11 sales inexcess of $4 million, 4 of those in excess of $6 million.

My 2014 listings sold on average 5% above list price (2% more than the overall average), with one as much as 26%; and for the buyers I represented I sold on average 3% below list price. I had 14% market share of Portola Valley listings, more than any other agent in 2014. Please contact me with any questions or for a market analysis of your property. I am happy to be your real estate advisor and it would be my pleasure to represent you.

Prices

A new record median sales price was set in 2014, climbing 7% to$2,437,500 and exceeding 2013’s record high by $150,000. The average sales price decreased by 4% due to two contributing factors: in 2014, an $11 million listing sold at an undisclosed price, thus not included in the averages; whereas, in 2013 there was a recorded sale of $13 million.

Buyer demand was stronger than ever, which resulted in more than half of the homes (54%) selling for more than original list price. On average, homes sold 3% above original list price. There were also 17 homes (20%) that required a price reduction before they were sold. These 17 homes were on the market for anaverage of 144 days compared to an average of just 19 days for those homes that were priced for the market at time of listing.

Sales Volume

In 2014, 85 homes sold, compared to 78 the previous year. And an additional 6 vacant lots sold, which are discussed in the report, but not included in the statistics. Of the homes that closed escrow in 2014, the majority (52) went into contract in the first half of the year compared to 27 in the last half; 6 of the sales went into contract in 2013 and closed escrow in 2014.

Days on the Market

The length of time to sell a home declined in 2014 to anaverage of 44 days, compared to 49 days in 2013. Half of the homes sold in just12 days or less.

2015 Outlook

All signs point to another robust year inthe real estate market based on the strength of the local tech markets, record high stock market levels and lower oil prices. Low inventory of homes for sale (only 5 currently on the market) will continue to favor a seller’s market.

Having represented more than 378 buyers and sellers in Portola Valley since 1985 (more than any other realtor), I have the experience and knowledge that it takes to successfully sell your property in 2015 or to find you the perfect place to call home. To stay up-to-date on the Portola Valley real estate market, please sign up for my monthly e-letter.

Analysis of Home Sales By Portola Valley Neighborhood

2014 Annual Review Analysis By Neighborhood

Area 260: Los Trancos, Vista Verde, Upper Alpine

Prices increased significantly in this area reaching a record high average price of $1,847,643 with 6 sales in excess of $2 million. This resulted in the median rising even higher to a record high of $1,926,000 – 67% higher than in 2013. Only one property sold for less than $1 million and there were also 2 sales ofvacant land.

Area 261: Portola Valley Ranch

Sales doubled in 2014 in the Ranch with 12 homes sold compared to 6 sales in 2013 and just 1 sale in 2012. All but 2 of the homes sold in 2 weeks or less, and on average sold for 4% above list price. Only 3 of the homes sold for less than list price. Both the average and median prices exceeded $2.5 million.

Area 262: Brookside, Corte Madera

Due to lack of homes for sale in this area, there were just 3 sales compared to 10 the previous year. Demand was so strong that each home sold in 11 days or less, and for more than list price, by as much as 56%.

Area 263: Central Portola Valley, Westridge & Blue Oaks

As always, this area had the greatest number of sales and the highest prices, even though the number of sales was down just slightly from 2013. There were 4 sales of vacant land, the same as the previous year. The average price showed a decline, which would not have been the case had the sales price been disclosed for a listing in excess of $11 million. This too affected the median price, even though it reached a new high of $3.46 million reflecting a 2% increase. Prices were strong in the high end of the market with 11 sales over $4 million, including 4 over $6 million. There were no sales for less than $2 million. 10 homes sold over list price and 9 homes had a price reduction prior to selling.

Area 264: Ladera

Sales were incredibly strong in Ladera with 23 sales compared to 12 the previous year. All but 4 of the homes sold for more than list price and on average homes sold for 10% above list price. The median and average prices reached record highs, each exceeding $2 million. There were 14 sales (61%) in excess of $2 million and homes sold very quickly – 16 of the sales occurred in 13 days or less.

Area 265: Santa Maria, Russell

There were just 2 new listings in 2014 and therefore just 2 sales. The average and median price reached a record high of $1,797,500 surpassing the previous record set in 2009, which was $1,675,000.

Ginny Kavanaugh

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Ginny is a top producing agent with more than 25 years of experience. She ranks amongst the top 1%...

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John Kavanaugh: 415.377.2924 Joe Kavanaugh: 650.400.5312 Ginny Kavanaugh: 650.400.8076