$766,000 in extra equity received by Portola Hills Sellers in April

Yep you did read that right!  Each month we do a deep dive into the previous month of real estate sales in the community and we noticed a trend a while back as the market started to get a bit crazy that no one is talking about.  In our March review we noted sellers who sold in March received an estimated $366,000 in extra equity/profit.  In April that figure almost doubled!  Homeowners who sold in April received over $766,000 in extra equity/profit. The number is the total profit received for the area.  The average equity per seller was about $65,000. Historically April and May are the two busiest months of the year for real estate sales, so it will be interesting to see how much of gain Seller's will receive in May. 

Below is a snapshot of the Portola Hills real estate market performed overall in April. 

Portola Hills Real Estate Market Report by Kelly Turbeville

There are two details in the above report that give us the biggest clue as to why sellers received so much equity.  First there is currently less than a half of month of inventory on the market.  Homes are selling in 21 days and that is very quick for the area as new homes generally add to the days on the market.  Second the average list to sale price is over 7%.  If a home a homes sells for $200,000 over list price was it under priced when it listed?  Could be... but generally speaking what is going to drive up pricing that much is all about excess demand.   

Search Available Portola Hills Homes

Understanding how to price a home to get massive profit is a science.  It takes someone who understands what is happening in the hyper local market as well as overall market.  It is unfortunate to see that some homes that sold in Portola Hills in April actually had reduced pricing.  In this strong market, and as the report above indicates, that is a bit surprising.

What is my Portola Hills Home Value

If you are thinking of a move, don't hesitate to give Kelly a call to review the strategy she takes to understand values in the Portola Hills area how to price your home to get top dollar. 

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