As we enter into the first month of January it's important to look at how the overall Portola Hills market ended. As noted in my previous blog post, Portola Hills real estate closed transactions in December ended the month with a home value increase of 6%. This is very consistent with the entire Orange County Real Estate market.
Below is a quick look at the complete year. The highest priced home sold for $1.1 Million and the lowest priced condo sold for $270k.
|Portola Hills 2015 Real Estate Sales Summary|
The number of closed sales (Volume) was up 7% from 2014. Looking at the mix of properties the median price per home was up approximately 17%. Of course, I always like to note this is a summary of all transactions. Each property type, have different levels of appreciation. See our year end summary which includes each property type here
|Portola Hills 2014 Real Estate Sales Summary|
So what is on the horizon for 2016. Looking at the current low inventory and the fact that more homes are going into escrow than coming on the market, I would anticipate at the moment more of the same. If you are considering listing your Portola Hills home, you will want to keep the anticipated new developments that are coming on the market in 2016 in mind. You will be competing with NEW HOMES, and the inventory will increase.. Which of course will affect your pricing.
Why wait to sell... With the low inventory and high buyer demand, now is the best time to get top dollar for your home. If you are wondering how much equity you currently have, please don't hesitate to request from Realtor Kelly Turbeville our Complimentary Home Value Report.