Portola Hills Homes are Selling for What?

What would you say if I told you pricing right now is right on track! You would probably say, pricing is crazy!  I recently attended Keller Williams Economic Recap and Forecast and a couple of details really hit me.  Because I too, even being in the business, was thinking this pricing is crazy! Then I saw this graph. 

Home Prices by Realtor Kelly Turbeville
Home Prices

This above graph shows the average home prices over the last 20 years has averaged about 4%. That is below the historical average of 6-8% before the downturn in 2008-2011.  Portola Hills saw appreciation of over 20% last year, so while that is great, it really was just the market making up for downturn.  Four percent appreciation is a very healthy real estate market. 

Annual Home Appreciation

The biggest hurdle to the market right now is inventory of homes.  There simply has not been enough building to keep up with demand since the downturn.  How we catch up is going to be a challenge certainly for the near future.  Below is a look at the inventory of homes and as you can see we have the lowest inventory of homes since the data was tracked. 

So how does this relate to the Portola Hills real estate market. Let's look at how the market performed last month. 

Portola Hill Home Prices

As you can see the market remains very strong.  Homeowners who sold in February received 103% to their list price and sold very quickly with the average days on the market being 12.  The preliminary numbers for March, will break records.

What is the Value of my Portola Hills Home

If you are thinking of a move, but concerned about where you will go, we need to talk.  We have strategies in place that ensure you get top dollar for your home and not have to make the move until we find your next home. (Ask me about being a Knock Certified Agent.)  Waiting until you find your next home to list your current home will not put you in a competitive advantage and will cost you more money with higher interest rates and higher appreciation on your next home.

Our goal is to understand both your short and long-term goals so we can help you achieve them. Maybe you are not ready to move, but do understand the power of leveraging your equity. Let's chat about how we have helped clients take advantage of todays market without making a move.  We are here to assist you with all your real estate needs. 


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