Every month we take a look at the local market and compare it against what happened at the same time last year vs. this year. We also take a look at what is happening in the surrounding area to see if the community is on trend with the rest of the area.
In September Portola Hills had 15 homes sell, 11 Single Family Homes and 4 Townhomes/Condo's, which shows the sales volume is up slightly from 2018. The difference being this past month, we had about 50/50 mix of new homes and resales, where as in 2018, 80% of the homes that closed escrow in September were all new homes.
When comparing the two years, values is is going to be significantly different as the mix was so different between the two years. Below is a snapshot of how the Portola Hills real estate market performed in September 2019!
As you can see the above values show there was about a 12% decline in values from September 2018. But when looking at the overall year to date numbers Portola Hills is actually up nearly 5%.
Portola Hills is certainly a sought after community! With the new homes selling in The Oaks and IronRidge buyers traffic in the area is up. This does add competition to resale home sellers, but homes priced right, presented well and available should be selling in comparable values of those in our surrounding neighborhoods. However, looking at pricing of homes on the market, it does tend to look like Portola Hills is being undervalued.
As appraisals come in these homes priced low are setting the tone of pricing for the area. It's important who you pick as your realtor and how they are interrupting the local real estate market.
Don't hesitate to give me a call to review your homes value and how the overall area is performing.