Portola Hills February Real Estate Recap!

 Wondering how the real estate market did the second month of 2023?  Check out our monthly real estate snapshot on what properties sold in Portola Hills along with current homes available and coming soon! 

Portola Hills Real Estate by Realtor Kelly Turbeville

Did you check out those values!  I admit, even though I am in the real estate business these prices do surprise me sometimes.  The average price of a home in Portola Hills was $1,536,000 in February, that is up from $923,597 in 2022.  Of course, mix of homes plays a roll in this.  

Overall in Orange County, home prices are being pushed up by low inventory.  Low inventory is good news for sellers, but with higher prices and higher interest rates, buyers are a bit nervous.  Sellers need to be careful in navigating today’s housing market. Homes priced according to their Fair Market Value and decent condition will procure plenty of activity and, in many cases, obtain multiple offers. But homes in poor shape with plenty of deferred maintenance, houses with an inferior location, and overpriced homes will sit on the market without success even with today’s hotter market time readings. 

Like the empty shelves in grocery stores at the start of the pandemic, there are not enough choices for buyers looking to secure a home in today’s housing market. Even with far fewer buyers willing to participate due to higher mortgage rates, the housing scene feels exceptionally hot because of the supply dilemma. 

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If you are thinking of a move, relocating out of state or simply want to understand how the economy has impacted your home values.  Don't hesitate to contact me direct for a FREE Home Value Report., you can also scan the QR code above.


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