How does the saying go, "that's it folks"! 2019 is over, as is the last decade, or is it? We took a look at the real estate market in Portola Hills for the year and below you will find a quick recap of how the market performed. Overall the market was very strong with record breaking pricing. The highest priced home sold in The Oaks community at just over $1.8 million.
Below is a look at the overall market.
Pricing and sales volume were up overall. While this price will help drive pricing up in the community, we are now competing with communities such as Baker Ranch, Irvine and Coto. Resale homes have a bit of a harder task when competing against new builds. As buyers like pretty new homes. So when they are up on the hill and looking at both, your home needs to be priced right, presented well and marketing to the right buyer to capture those buyers. Certainly IronRidge and The Oaks brings buyers up the hill, so homes on the market should be getting very good traffic.
The lowest priced home was priced at $305k, a condo in the Canyon View Community. Considering in the OC, the price point of $500k and below is starting to disappear. If you are looking to buy your first home or invest in real estate and see townhomes priced well, I would grab them. Especially with the low interest rates and high rents the county is seeing.
Looking forward to 2020:
2020 is starting off very strong for the real estate market. We currently have about 3700 homes on the market in all of the OC. We started 2019 with over 5700 homes. This will set up spring as a very HOT market. With the record low inventory, low interest rates and buyer demand, the forecast remains strong for 2020. Another good sign is Open House traffic, my last Open House had 17 groups of buyers come through... and it was Christmas week. So if you are considering a sale and looking to move up, NOW is the time to sell before price increases happen on your move up property.
I don't like to be political, but a big change is on the forefront for 2020 with a initiative to change Prop 13. Please make sure to do your homework and watch what your signing and voting for. This change starts with businesses and commercial, but as we know Prop 13 has been under attack for years. So if you don't want your property taxes increased in the future, you'll want to vote no on the Schools and Community Funding Act.
Some fun for 2020:
For those of you who like a little Vino, I host a Facebook Group Portola Hills Wine Group. We were a little quiet in 2019, but if you like wine, make sure to join us and watch for some upcoming wine tastings!
As always, if you have any real estate questions, please do not hesitate to reach out to me. Even if you are not planning on selling. I am here to answer and assist you in anyway I can. Of course, if you are thinking about selling or buying, don't hesitate to give me a call.