Portola Hills Homes are Selling for What?
What would you say if I told you pricing right now is right on track! You would probably say, pricing is crazy! I recently attended Keller Williams Economic Recap and Forecast and a couple of details really hit me. Because I too, even being in the business, was thinking this pricing is crazy! Then I saw this graph. Home Prices This above graph shows the average home prices over the last 20 years has averaged about 4%. That is below the historical average of 6-8% before the downturn in 2008-2011. Portola Hills saw appreciation of over 20% last year, so while that is great, it really was just the market making up for downturn. Four percent appreciation is a very healthy real estate market. Annual Home Appreciation The biggest hurdle to the market right now is inventory of homes. There simply has not been enough building to keep up with demand since the downturn. How we catch up is going to be a challenge certainly for the near future. Below is a look at the inventory of homes an