Portola Hills see 20% increase in Pricing in 2013!!
Yay, we made it, 2013 is over and it turned out to be quite the year for real estate in Portola Hills! The year started off pretty slowly but then if you remember, it all became about inventory, inventory, inventory or should we say the lack there of. With the low inventory many homes came on the market and were sold with multiple offers over asking price throughout South Orange County. Below is a quick snapshot of how the year ending for Portola Hills.
In 2013 79 homes were sold in Portola, that is slightly down from the 86 that were sold in 2012, but here is the good news. Average price sold price equaled $492,000 up from $398,000 in 2012, which is a 20% increase in pricing year over year (Yay!!). In addition the highest sold price came up as well $915k vs. $830k in 2012. Below is snapshot by property type of what has sold. If you would like a complete list of all homes that sold in Portola, give us a call!
So what does this all mean. It means equity is coming back, Home Values are up!!! Inventory is still very low and buyers have been waiting for the New Year to begin their search, at the time of writing there were only 6 homes listed in Portola Hills for sale. Rule of Supply and Demand prevail... Low Inventory, High Buyer Demand = A Sellers Market!
In Portola, I was surprised to not see more homes sold over asking price. Homes priced between $200-$300k & $400-$500k saw a slight increase from list price to sold price. However, the other price ranges did not see this same increase. That means one of two things, these homes were over priced when originally listed or they were negotiated down in price from the buyer. We are happy to report on average we our homes have consistently sold at 104% over asking price and the same was true in 2013.
|Listed Price vs. Sold Price Portola Hills 2013|
|2013 Portola Hills Solds|
If you are considering a move in 2014, let's grab a cup of coffee and review your options. If you would like a Complimentary Market Review of your home, just send Kelly an email and it is on the way!
Happy New Year!!