$766,000 in extra equity received by Portola Hills Sellers in April
Yep you did read that right! Each month we do a deep dive into the previous month of real estate sales in the community and we noticed a trend a while back as the market started to get a bit crazy that no one is talking about. In our March review we noted sellers who sold in March received an estimated $366,000 in extra equity/profit. In April that figure almost doubled! Homeowners who sold in April received over $766,000 in extra equity/profit. The number is the total profit received for the area. The average equity per seller was about $65,000. Historically April and May are the two busiest months of the year for real estate sales, so it will be interesting to see how much of gain Seller's will receive in May. Below is a snapshot of the Portola Hills real estate market performed overall in April. There are two details in the above report that give us the biggest clue as to why sellers received so much equity. First there is currently less than a half of month of inventory