Yes you read that headline correctly the Average Days on the Market in April for homes closing escrow in Portola Hills was just 11. The longest a home stayed on the market was 40. So I would have to say yes, the community of Portola Hills in Lake Forest can be considered a hot real estate market!
April traditionally is a quiet spring month for real estate in the area. People are focused on spring break, taxes, etc. Four homes closed escrow in April, which was the same for April 2015.
The low inventory of homes in the area and throughout South Orange County is what is driving these quick escrows.
Overall in South Orange County the inventory of single family homes is about 2 months. For the condo market that number is below 2 months.
In Portola Hills, we typically see an average of about 10 homes listed monthly, currently there are 7 and 3 of those came on the market this past week. So you can see we have less than 1 month of inventory available.
The low inventory is a major driving factor of pricing your home. However, it is not the only one. A home must be priced right, presented beautifully and available to show and if these 3 things occur then you can be assured your home will sell and most likely sell at the top of the market.
In April the median price in Portola Hills was up 5% and was $512,000.
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As we enter into May, we should see a few more listing pop up. So if you are looking for a specific model in Portola Hills, give us call to be put on our coming soon waiting list. We will ensure you are the first to get in and see the new homes as they come on the market, because as you can see they won't last long!!
Wondering what homesa are available in Portola Hills, check out our custom search!
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