Portola Hills Mid-Year Market Update 08

Wow, can you believe it, we are almost half way through 2008. What a year in the Real Estate market, there is no denying Portola Hills has been hit just like everywhere else in Orange County, but there is good news out there. Below is a quick look at the Real Estate market in Portola Hills.

Current Active Properties: 41

Current Short Sales: 12

Current REO (Foreclosures): 7

Currently In Escrow: 15

Number of homes sold YTD: 23

Condo Closed Sales:

  • Amenities: 3 bed/3 bath/1100 sq.ft
  • Average Sold Price: $344,000
  • Average Price per Sq. Ft.: $307.

Attached SFR Closed Sales:

  • Amenities: 3 bed/3 bath/1550 sq.ft.
  • Average Sold Price: $461,721
  • Average Price per Sq. Ft.: $292

Single Family Closed Sales:

  • Amenities: 4 bed/3 bath/2900 sq.ft
  • Average Sold Price: $814,800
  • Average Price per Sq. Ft.: $279
  • Average Days on the Market: 98

List Price to Sales Price Ratio: 92%

You may ask where the good news is. With the help of FHA, the number of homes that have gone into escrow has gone up approximately 25% since April. In addition, the number of homes going into escrow and coming off the market is greater then the number of homes coming on the market, moving the stagnant inventory. Finally buyers are out and about shopping; open house inventory is up each weekend.

The challenge in the market is centered on non-approved short sales. Though many of 12 homes on the market have offers on them (possibly multiple offers) they are showing Active as the bank has not finalized an offer with one buyer. In addition, they may be priced low to get multiple offers in with the desired affect of countering back at a higher price.

This is why it is imperative to work with an agent who understands how to get these homes through the process and sold. Make sure your agent has the resources available to help you get your home sold, it far more difficult then putting a sign out front, pricing it low and hoping the buyer’s will come flocking in.

Please do not hesitate to contact Kelly should you have any questions. Kelly and her team of loan modification specialist can help!

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Whether she’s helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you’re considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, Its Possible!

The above information is provided as an opinion and is deemed reliable but not guaranteed.

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