PORTOLA HILLS LIVING by Kelly Turbeville

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&

Wondering what  is selling in Portola Hills.   Below is a listing of all homes that sold in June along with two that has closed escrow in this first week of July. Three homes sold over asking pricing at an average of about 5% over asking. The average sales price in June 2012 was $347k with 7 homes sold. Average sale price in June 2013 is $542k with 10 homes sold.  Of course the important factor here is mix of homes that sold, but it does give you an idea of the increase in home values we are seeing due to the low inventory.   Though inventory has increased it is still far below buyer demand.  If you  are considering a move, now is the time especially with the anticipation  of higher interest rates in the last half of 2013. If you are looking for a detailed report on your home value, don't hesitate to contact Kelly direct.