A Quarantined Portola Hills Real Estate Market
We are in about our 7th week of quarantine in Orange County and if you are anything like me, I am sure you are getting restless. We just really hope no one in the community has been too affected by this virus either with their health or financially. We get many questions asking how the real estate market is performing during this time? The good news is, it is hanging in there. This is not like 2008! The current inventory levels are extremely low compared to what we saw during the last recession. The biggest impact to the real estate market is going to be unemployment, but pleasantly the numbers and activity in Portola Hills remained strong in April, as you can see below!
Looking at the above numbers you can see the strength of the market in two indicators. First the list to sale price ratio. Seller's received over 100% of what they were requesting when they listed their home. Actually the received over! Most likely from multiple offers. The second indicator is the months of inventory. Currently there is 1 month of inventory on the market and supply is estimated to continue low through May which means that demand will eat up the inventory fairly quickly. In the Montecido community pricing finally jumped up to where I believe it should have been for a while and hit a record for the largest model at $607,500. Keep in mind this home had an incredible view and one sold right below it at $595,000.
I have felt for a while, Montecido was being undersold. So if you live in this community and thinking you want to take make a move, now is the time to capture that momentum. Comparing this community to similar throughout South Orange County is a great community. If your home is priced right, presented well and available to show the demand should be high.
Were you planning on a move this year and have put it on hold due to the Coronavirus? Still desiring to move but now sure how that can happen this time? Don't hesitate to give me a call to review what is happening in the Portola Hills real estate market along with how we are helping clients succeed with the real estate needs during this time. We are available to do
- Virtual Consultation
- Safe Distancing Photography
- Video Marketing & Virtual Open House
- Safe Distancing Inspections
- Electronic Contract Preparation
- Electronic Signatures
We offer the same level of commitment to our clients just handling it a bit differently.
We are here to answer any of your questions!