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Portola Valley Prices At Four Year Highs
During the first three months of 2011, the reported average sales price of a home in Portola Valley was $1,841,462, as compared to $1,544,727 in the fourth quarter of 2010. The second quarter saw a significant increase, with the average sale price jumping to $2,657,846, a height not exceeded since the first quarter of 2008. By comparison, the average reported sale price of Portola Valley property in the second quarter of 2010 was a modest $2,014,447. There were 13 closed escrows reported in Portola Valley during the first quarter of 2011; this number doubled to 26 in the second quarter. Only 9 transactions closed escrow during the first quarter of 2010, while 19 transactions closed escrow during the second quarter.
Properties lingered on the market an average of 103 days during the first three months of 2011, a slight increase over the 100 days it took to sell in the previous quarter. In the first quarter of 2010, the figure was a low 15 days on the market. The second quarter of 2011 showed a nice decrease to an average of 77 days. Portola Valley inventory remains fairly constant: as of the middle of July, there were 30 properties for sale in the Multiple Listing Service with prices ranging from $749,000 to $20,000,000. The average price of these properties is approximately $3,741,000 and they have an average of 96 days on the market. At the same time last year, there were 34 homes for sale.
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