I am still struggling with the fact that 2015 is actually over, but here we are in the middle of Jan 2016 and the year is starting off completely different than 2015. First off... it's cold and wet.. Well not really wet today but the first week of 2016 started out very wet with El Nino hitting the OC pretty hard and we are anticipating rain later in the week. Hopefully a sign of good news for 2016 and the drought...
The rain wasn't the only difference in the area.. We took an in-depth look at the Portola Hills Real Estate Market from 2015 and I have to say it was a great year!! In this report, we provide an overview of the entire Portola Hills market as well we brokedown four property types and their price points. So let's get started...
2015 Portola Hills Sales Volume: Overall the market saw a 7% increase in sales volume in 2015. What does that mean, in 2014 100 homes closed escrow in 2015 107 homes closed escrow. However the mix was quite different. Below is a quick look at what homes sold in both 2014 vs 2015 for Portola Hills.
Portola Hills 2015 Real Estate Sales Snapshot
Portola Hills 2014 Real Estate Snapshot
As homebuyers typically fall into 4 categories, we decided to look at the 2015 numbers as follows, which will give you a breakdown of each property type available in Portola Hills
Entry Point: In 2015 47 Condominiums successfully closed escrow in Portola Hills. The average condo was a 2 bedroom, 2 bath, 1104 square feet home that sold 98% to the list price at $384k.
Portola Hills 2015 Condominium Home Sales
Mid-Entry Point: Portola Hills has a couple of unique neighborhoods that consist of Single Family Attached homes, Seranado and Sycamore Ridge communities. These homes are paired homes, that are attached on 1 wall but generally speaking are larger square footage, then say a townhouse and have nice size yards, etc. In 2015 18 of these homes sold. That equals approximately 5% sales volume in these two neighborhoods, which is relatively high. The average Attached Single Family home sold for $573k.
Portola Hills Single Family Attached 2015 Home Sales
The third category we looked at was the traditional single family residence at the Median Price Point compared to the rest of the Orange County Market.
Median Homes: As noted, this category of homes is the traditional single family detached resident. The average single family detached home in this category was a 4 Bedroom, 2100 square foot home at the average sale price of $689k. The median for the area closed at $703k, which is pretty consistent with the rest of Orange County.
Portola Hills Single Family Detached 2015 Home Sales
The fourth and final category of home sales we looked at in Portola Hills, was the Estate Category...
Estate Homes: This category of homes is where Portola Hills saw a huge jump in sales volume from 2014 with a 42% increase in Estate sales volume and 13% increase in Sales Price. Four homes closed over the $1 million dollar mark, a turning point for the neighborhood. The average home closed was a 5 bedroom, 4 bath 3200 square feet home which sold for 922k. The highest priced home sold for $1.1 Million.
Portola Hills 2015 Estate Home Sales
As you can see Portola Hills consist of a variety of neighborhoods and property types with approximately 2100 homes in the area. The above numbers show that 5% of homes sold in the area in 2015. On average about 9 homes a month are selling for the area. Currently there are only 5 homes available, which indicates, homes currently on the market should be sold within the month, if no other homes come on the market.
Of course, Portola Hills is a small community within Orange County.. but it is a sought after one. So if you are considering a move, now is great time to take advantage of the current low inventory.
It will be interesting to see the mix of homes that sell in 2016, especially with the addition of the new community The Oaks and Skyridge coming to the market.
Like the way we look at the Portola Hills market and thinking of a move... contact Realtor Kelly Turbeville to request a review of your home and neighborhood. All homes and area are different, so it's important to review each in strategic manner.
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