Portola Hills Has Record Breaking Month in April - Home Sales Report
Wondering how the Portola Hills real estate market has done so far in 2022. Well, April was a record breaking month! But are we at the height of the market? We are certainly in a shifting market. What is shifting? Interest rates have increased to about 5% and projected to be be higher by years end. Plus we have seen an increase of new listings, but we are still below "normal" levels. As we enter the summer months (which is typically the slowest months in real estate) opportunities will improve for the home seller who is looking to move up or downsize.
As demand (buyers) are away and listings increase through May, this offers you the home seller the opportunity to sell at top of the market and buy with less competition. We are starting to see more Seller concessions.
Below is a look it how the Portola Hills real estate market performed in April.
As you can see from the above numbers, the community of Portola Hills had some record breaking sales in the month of April. The highest price home sold in the Oaks at $3,000,000. But honestly just as impressive the lowest priced home that sold was a condo in Canyon View West for $485,000, this was for a 1 bedroom 1 bath and just 766 sqft. That price point of under $500,000 is mostly like gone.
If you are thinking of a move, now really is great time. Pricing your home correctly is super important. We can see in the above report that number of homes that sold in April sold at the list price. Does that mean we are done with the thousands of dollars over asking? We are starting to see price reductions for homes that have been on the market for a bit. So pricing your home so your buyer comes in early of the listing is super important.
We like to understand both your short and long term goals so we can help you achieve them. You may not be ready to move today, but should we be talking about your move in a couple of years, probably! If you are thinking of a move, let's chat about your goals.