Monday, July 9, 2012

June 2012, Portola Hills saw home prices increase!!

Is it true, sellers are asking me, are home prices increasing.   The answer is yes with a question mark?  The mix of homes that sell within a given month will determine the average price.  In May there were some homes that were on the market for a very long time with 90% being distressed.  In June this changed and improved as there were a few more equity sellers, which resulted in the price per square foot for both attached homes and detached homes edging out higher.


The #1 one thing driving the market right now, is the low, low inventory.  The rule of supply and demand is alive and well with Portola Hills real estate.   Low Inventory, High Buyer Demand provides Portola Hills sellers the opportunity to capture this increase in pricing.  How long will this window of opportunity be available, my crystal ball is a bit foggy with this market, however it is nice to see at the moment!






Sold Properties:

Attached: All signs are looking up!  Of course mix has something to do with it, but comparing May to June, the average sold price increased!!!  Just as important, the days on the market, dramatically reduced!  
Style:                                      2 bedroom / 2 bath
Avg. Sq. Footage:                   1296 sq.ft.
Avg. Sold Price:                      $283,000
Days on the Market:                48


Currently there is only Condo active on the market.  


Detached:  Only 2 homes closed escrow in June, both Model Matches off of Big Springs.  One was on the market 111 days, the other 7 days.  What was the difference the 7 day property was an equity seller.  In addition, to selling quicker it sold for $688k, vs. $516k.
Style:                                      4 bedroom / 3 bath
Avg. Sq. Footage:                   2502 sq. ft.
Avg. Sold Price:                      $602,000
Days on the Market:                59 days

Currently there are 5 active Single Family Homes on the Market.

Please don't hesitate to contact us directly with any questions or your personalized FREE home valuation.  We are here to help!

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