March 2012 Portola Hills Real Estate Sales

Spring has sprung in the Saddleback Valley and the home buying season is jumping into full gear.  But there is a slight problem, where are all the homes?  As I type this Portola Hills only has 10 active listings and out of those listings only 1 condo..   That is less than 1 month of supply.  Generally speaking less than 3 months of inventory means it is a sellers market!! Seller's market really?

March was pretty busy for sales in the area, especially on Condo's.    We all know with the low prices, low interest rates, first time buyers have a huge opportunity to buy now.   Which is about 25% of the buyers entering the market.

However, those buyers are generally utilizing FHA financing, so they can put down 3.5%.  That is where the problem for some, but an opportunity for Portola Hills homeowners lies.   There is a severe shortage of FHA approved condo complexes in South Orange County, in Trabuco Canyon there are 3 and you guessed it, one is in Portola Hills and that is the Montecido complex.  So what does that mean, out of the 9 homes that sold in March, 4 were in the Montecido complex.  

If you are Homeowner in a condo complex, you need to be concerned with this.   The reason many homes do not qualify for FHA financing can vary for different reason, the main reason is in 2011 FHA re-certified all complexes, besides the backlog many of these complexes do not have sufficient financial reserves or the % of owner occupied might be too low, etc.  But you should be aware, especially if you are considering listing your home, as this will limit your buyer pool.  So marketing your property properly is key!

 Ok, back to the numbers, how did the month of March 2012 fair in the Real Estate world?

Active Listings:  10
Attached:  6 Home Listed
Amenities: 3-Bedroom/2-Bath/2-Car Garage
Average Sq. Footage: 1534
Average Price: $358,183
Days on the Market: 115
Distressed Factor 99%

Detached SFR:  4 Home Listed
Amenities: 5-Bedroom/3-Bath/3-Car Garage
Average Sq. Footage: 2808
Average Price: $676,225
Days on the Market: 244
Distressed Factor: 50%

Sold Properties:

Attached:  9 Homes Sold
Amenities: 3-Bedroom/2-Bath/2-Car Garage
Average Sq. Footage: 1189
Average Sold Price: $263,177
Days on the Market: 147
Distressed Factor 66%

Detached SFR:  4 Home Listed
Amenities: 4-Bedroom/3-Bath/3-Car Garage
Average Sq. Footage: 2538
Average Price: $543,750
Days on the Market: 90
Distressed Factor: 99%

Contact us today, to determine if your complex is approved for FHA Financing or how to market this as a strength when listing your home.

If you live in an FHA Approved Condo Complex it is an excellent time to list your home.  The rules of supply and demand rule here!!  The supply is lacking the demand is high!!

It is going to be a busy spring, the phone is ringing, buyers are buying, investors are searching it is a great time to move up to the home you were thinking about and guess what we are here to help!!

The above information is provided as an opinion only and deemed reliable but not guaranteed.


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