Portola Hills 2022 Year End Real Estate Report
What a crazy year... the 2022 real estate market in Portola Hills started out insanely! About mid-year, we started to see a shift in the market. Right before rates increased to 7%. The market slowed, homes began to stay on the market longer but the average days on the market for the year was 23 days. Homes that came on the market after July, sold but traffic and offers was certainly less, requiring sellers to be a bit more flexible with buyers. Comparing 2021 to 2022, there was 13% increase in value. Sales Volume was down from 2021 with only 145 homes selling vs. 2021 where we had 184 closed sales, that equals a 22% decline in Sales. Portola Hills Homeowners equity position remains very strong in the New Year. What is the Value of My Portola Hills Home Below is an overall summary for the community. 2023 is also starting off very strong. Buyer's who missed out are still looking. I had 11 people through my open house last weekend and we have several qualified buyers, search