It always amazes me how fast the years go by and 2016 is no exception. We are mid-year, so it is always a good time to take a look at how the overall real estate market has performed in Portola Hills thus far.
The info-graphic below highlights the 2016 Portola Hills real estate market is certainly on an upswing thus far in the year.
Looking at the above figures the low sales volume certainly is a driving force in the increase in pricing. Inventory remains to be a key issue throughout South Orange County.
In July we typically see a turn in the market from the spring strides. It's summer after all people are distracted. The demand has been very good this year thus why we see such an increase in pricing. We are also beginning to see a slight increase in the inventory and the expected market time is on the rise. Though Portola Hills Average Days on the Market is averaging about 40 overall in the county that has increased to about 79. Leading us to a more balanced market.
Of course each market segment is going to be different but if you are a condo owner and thinking about selling.. now is a amazing time. Condo prices year to date in Portola Hills have risen on average 19%. Where as Single Family homes have risen about 10%.
With the median price in orange county just under $700,000 anything under that price point that is priced correctly, presented well is a hot commodity!!
If you are wondering the value of your home and if now is a good time sell, let's talk and review the market in your area.