We have hit the 6 month mark of 2016... yes today is June 1st, the unofficial beginning of summer after the Memorial Day holiday. So what is happening in the Portola Hills real estate market so far this year. Overall the market continues to shift from 2015. We are still seeing increased pricing but sales volume is down from last year.
In May 9 homes closed escrow, which is down about 35% from May 2015. The overall median sales price in May was flat compared to 2015 for the month of May.Out of the 9 homes that closed escrow, 5 were Single Family Residence. The median sales price for a 3 bedroom 2197 square foot home was $810k
The remaining 4 homes were condo's. The median sales price was $436k for a 3 bedroom 1151 square foot home.
Are you wondering why these numbers would be flat when we are hearing so much about the low inventory in South Orange County?
It is important to remember the median price is based on mix and with the number of sales down and the mix focused more on mid range homes being sold this year that will affect the overall price.
Never fear there is still increases in pricing it is just more home specific. In fact; two homes that closed escrow in the Serenado tract had about a $15k price increase over what was sold in March. Good news for our Buyer who closed on a Serenado home at the end of March. They just made $15k in equity gains.
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This information was also posted on our Portola Hills Living Blog
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