Wednesday, May 27, 2009

Portola Hills Market Update May 09

Below is a quick snapshot of the Portola Hills Real Estate Market:

Active Properties/Average Price: 6

Inventory ranges from a Paired Single Family home listed @ $485k to an Estate home listed at $1,200,000. Averaging out 5 bedroom / 3 car garage / 2860 sq. footage equally a price per sq. foot of $272.89 or an average price of $780,466.

There currently are no condo's active on the Portola Hills market.


Closed Properties /Average Price: 32

Condo's: 20 homes have closed escrow since Januarary 2009. 3 bedroom / 1 car garage /Average Sq. footage 1119 = $259. price per sq. foot or an average price of $290,134.

Single Family Residences: 12 homes have closed escrow since Jan. 2009 = 4 bedroom / 3 car garage/ 2440 sq. ft = $245.19 price per sq. foot or an average price of $587,775

So the question begs to be asked is it a good time to list your home? If you are an equity seller that is realistic about the current market and can accept where the pricing is. It is a great time to list!

Portola Hills is a sought after community and with only 6 homes on the market there is plenty of buyer demand out there to get your home sold. The only real issues is finding sellers the perfect move up property as inventory overall is very low.

The hottest buyer market is first time buyers and move up buyers. So if your home falls in that range, now is a perfect time to look at your options. Remember the first key to getting your home sold is low inventory that drives demand. Many buyers are frustrated dealing with distressed properties so we are seeing multiple offers on equity properties.

Should you be interested in a marketing analysis of your home, please do not hesitate to contact Kelly.
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