The first month of 2016 has come to a close. I don't know about you but that was certainly fast. Wondering if that is an indication of how fast 2016 is going to move along. Maybe it's just age... that makes it feel like time is flying bye.
In terms of the Portola Hills Real Estate market this past month was a bit quieter than the last two years. The reason... the number of homes on the market to sell was much less. Inventory levels are extremely low in South Orange County and currently there are only three active properties available.
Below is a snapshot of what homes sold last month in Portola Hills:
|Portola Hills January 2016 Homes Sold|
The listings at Highridge closed $11k over asking price. This is great to see as I preview properties around South Orange County I have noticed the Portola Hills area is a great value for home buyers.. but maybe a bit under market for home sellers. The average price per square foot in the surrounding area is $386 for a 1600-1700 home. However looking at last years sales in Portola Hills the average price per square foot for the same size home was $354. One of the those things that makes me go hmmm.... So nice to see the Highridge property above closed at $373 per square foot.
Below is a look at what sold in 2015 for a comparison:
|January 2015 Portola Hills Home Sales|
Comparing the first month of the year to last year, Portola Hills saw an average increase in the price per square foot of 18%. However, I always like to cation mix of homes is big factor, so if you look at the median it comes down slightly to a 15% increase in price per square foot.
Comparing two similar properties year over year, if you look at 19522 Highridge which closed escrow in 2016 and 19381 Dorado that closed in 2015, homes both in the Serenado tract in Portola there was a 15% increase in the price per square foot.
As I noted above the current inventory of homes available in Portola Hills is only 3. If you are considering a move this spring and want to get top dollar for your home, now really is a great time to list your home. If you like the way we look at the market, give us a call or simply request our Market Snapshot.