PORTOLA HILLS LIVING by Kelly Turbeville

If you were a seller, you’ve felt like the market slowed down this summer, you’re not imagining it. Portola Hills homes, which typically sell in under 30 days, took an average of   64 days   to move this quarter. Many sellers were waiting and watching for offers that took a little longer to arrive. But when interest rates dipped, everything shifted.   Purchase applications jumped 30% , and suddenly, those “just-looking” buyers became serious again. The market energy is changing; and that’s something both buyers and sellers should be watching closely. Inventory increased, mostly due to   resales in IronRidge and new builds in The Oaks , which naturally stretches out the average days on market. Still, well-priced and well-presented homes continue to sell quickly — my most recent listings closed in   under two weeks . What It Means for Portola Hills Sellers If you’ve been waiting for the “perfect time” to list, don’t wait much longer. As demand begins to rise and r...

This past July was a busy one for the Portola Hills real estate market.   Home sales were up 20% and hold on tight the median price for homes sold was up 35%. .  Plus in the last week of July, 6 homes opened escrow!! So why the craziness, you might Ask!  A couple of things!! Inventory is very low with all of Orange County only at 1.5 months! Buyer demand is extremely high and buyers want in before projected  interest rates increase later this year!  It's Portola Hills.. The community is sought after for not only its location, the schools are good, views are spectacular, etc. However,  the big difference here is the mix of homes that sold! This year more higher-end larger homes took advantage of their equity position and decided to sale!! Take a look at the mix of homes that closed escrow this year vs. last. July Portola Hills Real Estate Sales It will be interesting to see if this trend continues!! My crystal ball might be fuzzy.. B...