March 2012 Portola Hills Real Estate Sales
Spring has sprung in the Saddleback Valley and the home buying season is jumping into full gear. But there is a slight problem, where are all the homes? As I type this Portola Hills only has 10 active listings and out of those listings only 1 condo.. That is less than 1 month of supply. Generally speaking less than 3 months of inventory means it is a sellers market!! Seller's market really? March was pretty busy for sales in the area, especially on Condo's. We all know with the low prices, low interest rates, first time buyers have a huge opportunity to buy now. Which is about 25% of the buyers entering the market. However, those buyers are generally utilizing FHA financing, so they can put down 3.5%. That is where the problem for some, but an opportunity for Portola Hills homeowners lies . There is a severe shortage of FHA approved condo complexes in South Orange County, in Trabuco Canyon there are 3 and you guessed it, one is in Portola Hills and that is