What a difference a year makes in Real Estate. This past month the real estate market in Portola Hills took a dramatic pause. What do we mean by a pause? Looking at the number of homes sold and comparing to the previous year; sales were down dramatically. The area had only 2 closed escrows in the month vs. 8 in 2015. The two homes that closed escrow were in the Bella Palermo complex; both condo's. The good news of course... prices were up. Below is look at what homes closed escrow in October. Portola Hills Condo Home Value: Oct 2016 Median: 3 Bedroom/1156sqft. = $436k or $378 per square foot. Oct 2015 Median: 2 Bedroom/1014sqft. = $345k or $337 per square foot. Great news for condo owners in Portola Hills, from this time last year home values were up 21% in October! Overall in South Orange County the Condo/Townhome market is extremely strong. Supply of available homes is extremely low and demand is very high. What is the Value of my Port
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The first quarter of 2015 ended with a bang in Portola Hills. The number of sales was up 40% from March 2014. A total of 10 homes closed escrow in the area vs. 6 in 2014. Currently there are 13 homes available on the market. Below are the details of what sold. March 2015 Portola Hills Homes Sold With the current inventory of active properties there is a lack of inventory in the key price point between $450-$600k. This is a key price point for move up sellers and the millennial home buyer, which is the majority of homes buyers in the market today. If you live in the following Portola Hills communities: Montecido, Bella Palmero, Canyon Rim or one of the paired homes in Serenado and Sycamore Ridge you have a good opportunity to get your home sold today for top dollar currently. Please don't hesitate to give Kelly a call to review the current market and review a marketing plan that get's your home sold!!