Saturday, May 13, 2017

Shhhh you might wake up the Portola Hills Real Estate Market

As we venture into the summer months, the real estate market in Portola Hills is a bit quiet, but that is not much different from 2016 when you compare the two years together.   Overall inventory remains below demand and we know how the saying goes, low inventory, high demand = ?

Portola Hills SFR/Detached Home Sales - April 2017


Portola Hills Detached Real Estate Values:
  • Median Price of Detached Single Family Home in April was $980,000 and that is up over 9% from 2016.
  • Inventory of available homes is just over 1 month.
  • Days on the market is down to 43 days year to date

Portola Hills Attached Home Sales April 2017 
Portola Hills Attached Real Estate Values:
  • Median Price of Attached Home in April was $455,000 and that is down 7% from 2016. Pricing year to date is flat.
  • Inventory of available homes is just over 1 month.
  • Days on the market is down to 46 days year to date

As I look at the numbers and compare to the overall Orange County real estate market with detached homes Portola Hills is following the same trend.  Low Inventory = Increased Pricing.  However, on the attached side of the market I would have to say Portola Hills is being undersold.  The Median price of a Attached home in all of the OC is $468k, where as you can see above in Portola Hills it was $455k.   As well, pricing rose in the county just about 5% vs. a decrease in pricing here in Portola Hills.

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Of course a lot of factors play a role in determining the price of a home, Location, Condition, Timing, Availability.   It is also important to look at what is happening in the county and neighboring cities. With the median price in the county over $750k, there is strong demand for any home priced under.   Portola Hills is a sought after community and in high demand, so as I type this I am scratching my head wondering why townhomes/condo's are being undersold!!

Good news for home buyers.. If you are looking at purchasing a townhome here in Portola Hills there are some great deals on the market!  

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If you are considering a move, don't hesitate to give us a call to put a strategy in place that brings you top dollar for your home! 



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