Happy February 1st.. Yes we are officially in the 2nd month of 2017. The month of love... will love shine on the Portola Hills Real Estate Market in February? We will have to wait and see but currently with the low inventory overall and the high buyer traffic at our open houses I don't see why it wouldn't.
Let's take a look at how the market performed in the first month of 2017:
|Jan 2017 Portola Hills Real Estate Sales Report|
Looking at the numbers, do you see that negative 5%.. yes me too and I probably had the same reaction you are having here. Wait how can the value go down when all I am hearing is pricing is up? OK maybe it is the mix of homes.. nope that doesn't work in this scenario as the mix of homes was almost identical, 4 condo's and 1 single family attached home closed. In 2016 exactly the same but the 8 homes sold.
In 2016 the median price of home was $457k and as you can see above, this last month it was $435k. So why.. it's hard to say as we are just looking at numbers and we don't know the sellers motivation, and if these homes were impacted by the seasonal quietness of the holidays and election or where they just priced too low?
Again hard to quantify; the good news here is a couple of buyers got great deals on their new home. With the continued low inventory, I would anticipate seeing a value jump this next month. Pricing isn't everything, timing and the sellers motivation is most important. This is one reason why we suggest if you are thinking of selling your home that you meet with more than one agent for a detailed market review. Ask questions about what is happening in your neighborhood but what is also happening in the surrounding neighborhood. How does their marketing program, target your buyers and have them share examples with you of the last marketing program they ran, as well how they calculated a suggested price.
Of course if we can help we are always available to meet with you and review our marketing strategy.. We are a little geeky when it comes to numbers, we like them but we are also pretty creative when it comes to marketing.. Funny, maybe we should change our tag line to the Geeky, Creative Realtor near you!
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