We are well into 2017 with the first two months behind us and hopefully some of that rainy weather we had. Both January and February were record breaking months for rain. Though needed, due to the drought, I will confess I am happy the weather forecast for the next week ahead is sunny and warm!! Time for some work in the yard and friends over!
The weather is a perfect metaphor for the Real Estate Market. The last two months, have been pretty static in Portola Hills and a little quiet... Like people are staying home with the fireplace on and watching the rain. But as Inventory is very low, with only 1 a paired home available and 3 new builds in The Oaks community, the clouds have parted and the market is warming up!
Below is breakdown by style of pricing for January and February.
The most expensive home sold in Portola Hills so far in 2017 is a 3700 sq.ft JM Peters home that sold for $1.150,000. The least expensive was a 2 bedroom Canyon View Condo which sold for $355,000. The average days on the market was 63, however this is because a couple of homes were on the market for over 160 days.
Looking at the homes that have gone into escrow this month, I anticipate a jump in pricing from 2016 for March. It is interesting to see homes in The Oaks community enter escrow as well, which certainly will impact pricing on the high end. Overall in Orange County the inventory of homes is very low which is reducing the days on the market and bringing multiple offers to sellers who homes are priced competitively. Of course, as the weather warms we can anticipate a few more homes to come on the market, depending on how much will determine price increases. There is no question, NOW is a great time to get top dollar for your home..
If you are thinking of a selling your home or looking to purchase make sure to request our FREE eGuides created specifically to help prepare yourself and home for the next steps. Of course we are always just a phone call away.
Don't forget to set your clocks back... a little Real Estate Fun Fact... What a difference an hour makes in Real Estate. How does an hour an extra hour a day help you...?