Portola Hills June Real Estate Recap - It's Hot!

The summer heat has hit Portola Hills and that is impacting the real estate market in a couple of ways.  First the Portola Hills community continues to remain strong.  Pricing remains high, with the average price of a Single Family Home in Portola Hills is $2,013,000 in June.  The price for an attached home was $671,500.  Sellers slightly received over their list price. 

Below is our full report!

Portola Hills Real Estate Market Update

Portola Hills Available Homes

Currently there are only 1.5 months of inventory available, which continues to drive pricing.  Especially in Portola Hills as the majority of homes available currently are New Builds in The Oaks or IronRidge.  

As with the overall OC real estate market, Sellers are staying put, as they do not see a need to make a move and are loving their low interest rates.  Home buyer demand is there and buyers are getting use to the higher interest rates but affordability is starting to impact purchases.  Thus why we see less homes selling currently.  Sales volume is down 32% in Portola Hills.

The second aspect that is impacting the real estate market is the Seasonal Summer Distractions.  July and August are typically quieter months in the market.  We always see a dip in sales as during this time as people are simply enjoying summer vacations before heading back to in Mid-August.

So is now the right time to sell?  If you felt you missed out on getting top dollar for your home over the last couple of "unicorn years", the answer is yes!  Pricing your home right is critical, to getting you top dollar.  If priced too high in the Buyer's perception, you will absolutely see it in foot traffic into your home.

Reach out to Kelly for a review of what is happening in the Portola Hills market.  We will review the overall market along with your goals to determine if now is the right time for you. 


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