You may have heard recently that nationally more sellers plan to put their homes on the market this winter. This trend is reflected in a recent survey by Realtor.com.
While any increase in the number of homes for sale is good news for buyers, the National Association of Realtors (NAR) reports that it would take 3.55 million homes for sale to meet the current demand for the next six months. This is unlikely to happen, so buyers should get used to a sellers’ market for the foreseeable future. This means that there may be multiple buyers making offers for any home that comes on the market.
What Does This Mean for Portola Valley Real Estate for Sale?
In Portola Valley, the situation may be even more competitive. The Bay Area is one of the hottest markets in America due to high employment rates, good opportunities, and a great lifestyle. November 2021 figures from the California Association of Realtors (CAR) show that there were 72 sales of existing single-family homes in San Mateo County which is up 44% from last year.
However, the market remained very competitive with a median of nine days on market and a sales-to-list price percentage of 109.3. This means that on average sales prices were at or above the asking price.
One reason why the demand for homes for sale in Portola Valley, CA, was so high over the past year is that more families were looking for single-family homes due to the pandemic. Families were spending more time at home working, studying, and engaging in leisure activities and found a need for the space and privacy of their own homes. Many first-time buyers entered the market leaving behind rental accommodation in the city. As more people return to the office, this trend is expected to slow. However, the sellers’ market conditions are expected to continue.
What makes Portola Valley Special?
Portola Valley is a quiet, almost rural suburb. The population is only around 4,500 and most households own their own homes. Because there are fewer properties, finding the perfect one may be more difficult than in other bustling Bay Area suburbs. If you are looking for homes for sale, Portola Valley, a real estate agent can help you find exactly what you are looking for and make a competitive bid.