REAL ESTATE REVIEW
Portola Valley Annual Report: 2006The sale price of property in Portola Valley in 2006 lessened slightly to an average of $1,930,169, dipping once again under the $2,000,000 mark. This is still comfortably above the average sale price of four out of the past five years: $1,914,000 in 2004, $1,821,764 in 2003 and $1,657,339 in 2002. The average residential price for all of 2005 was $2,053,170; at the peak of the market in 2000, the average price was $2,211,915. The median price of a home in Portola Valley decreased accordingly. Last year the figure was $1,805,000 as compared to $1,855,000 in 2005. This still represents an increase of $105,000 over the median price of 2004, which was $1,700,000. The median price of residential property in all of 2003 was $1,520,000. In all of 2002 it was $1,385,000. The average length of time it took to sell a home in Portola Valley in 2006 was 85 days. The average number of days on the market has been extended by a month during the past five years. In 2002 the number was 55 average days on market, in 2003 it was 63 average days, in 2004, 71 average days and in 2005 the number was 81 average days on the market, showing a steady increase, year by year. |