Carol Carnevale • DRE# 00946687 • 650.465.5958
Nicole Aron • DRE# 00952657 • 650.740.7954
Continuing our series of community reports, this post will provide data on three very special communities that are generally characterized by larger properties and, in the case of Portola Valley and Woodside, more pastoral surroundings. You will notice that some of the trends in these communities are different.
2014 Real Estate Market Highlights
Based on Multiple Listing Service (MLS) data, here are some of the key market indicators for single family residential sales shown by community:
The total number of sales (based on the close of escrow date) remained essentially unchanged with 105 closed sales in 2013 compared to 102 in 2014. The Median Sales Price rose significantly, from $3,375,000 in 2013 to $4,435,000 in 2014, representing a 24% increase! This is the highest increase for any of the communities included in our reports!
Other favorable market trends include the Average Days on Market which decreased to 57 days in 2014, down from 65 days in 2013, and the annual Sales Price to List Price ratio which rose to 102.1% in 2014, up from 100.5% in 2013.
Like most other communities, there were more sales (based on the close of escrow date) in the second quarter of the year.
The Portola Valley market showed steady growth in 2014. Based on MLS data, the total number of sales (based on the close of escrow) increased from 78 in 2013 to 85 in 2014. The Median Sales Price rose from $2,268,750 to $2,465,000, representing a 9% increase.
The Average Days on Market decreased from 48 in 2013 to 44 in 2014. The Sales Price to List Price ratio averaged 99% in 2013 and rose to an annual average of 105.2% in 2014.
As in Atherton, there were more sales in the 2nd quarter than any other quarter in 2014, consistent with prior years.
In 2014 Woodside posted 106 sales (based on the close of escrow date) compared to 125 in 2013, a decline of 15%. The Median Sales Price rose to $2,272,500 in 2014 up from $1,900,000 in 2013, representing an increase of 20%.
The Average Days on Market increased to 70 days in 2014, compared to 65 in 2013. The average annual Sales Price to List Price ratio increased to 99.3% in 2014 up from the 2013 average of 98.2%.
In Woodside there were 32 sales in the second quarter of 2014 compared to 34 in the 3rd quarter.
Overall Market Observations
The high and low sales for the year are:
*Per data provided by Old Republic Title Company based on county recorder’s office information. Most real estate transactions are handled through the Multiple Listing Service, but sometimes the sale or the final sales prices are not reported.
It continues to be a great time to sell! Take advantage of the market cycles and contact us so we can help you plan your strategy and success.
We appreciate opportunities to be of service to you, so please contact us for your real estate related needs!
Carol & Nicole