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.
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, searching for homes. Rates have come down, they are now below 6% and Seller's have become flexible with buyers.
This is a very good market if you are homeowner who wants to sell and buy another property, whether that is moving up or downsizing. You are still going to receive top dollar for your home and you will save on the purchase. Inventory is remaining low and we do not anticipate a huge increase this year.
It might surprise you if I said to you, "I don't want you to sell your home". If you refinanced to rates below 3%, that is basically free money. With the low rates and high equity, you have the opportunity to make this property an investment property and save on your purchase. Overall in the OC prices are down 6-10%...
My goal as your Realtor is to not simply sell you a home and send you a calendar every year. My goal is to be your real estate advisor and help you create wealth through real estate. If you are interested in investment opportunities, let me know, we send out a bi-weekly investment opportunity list to our clients who are looking at expanding their assets.