Happy New Year Portola Hills Peeps. Can you believe it 2017 is here! As I always do, I like to take an in-depth look at how the Portola Hills real estate market performed for the entire year and how that impacted home values. This review will include an overall look, as well breakdown the market into various property types to help you determine your Portola Hills home value.
The biggest news of the year was sales volume.. do you think it was up or down in 2016? Surprisingly it was down from 2015 levels. 81 homes sold in Portola Hills in 2016, while 107 sold in 2015. I will say 2015 sales volume was up significantly from recent years.
Below is a look at the overall real estate market in Portola Hills in 2016.
|Portola Hills 2016 Real Estate Market Snapshot|
Keep in mind when you look at the above.. this is overall, this is looking at all homes that sold and averaging them out.
Below is a break down by property type and we will start with the Portola Hills Condo Market.
Portola Hills 2016 Condo/Townhome Closed Sales|
|Portola Hills 2015 Condo/Townhome Closes Sales|
The condo/townhome market in Portola Hills had an average value increase of 20% in 2016. The highest priced condo that sold in 2016 was Montecido Plan C that sold for $539k.
Next we will look at the Single Family Attached home market in Portola Hills as the community has a variety of paired homes available.
|Portola Hills 2016 Single Family Attached Home Sales|
|Portola Hills 2015 Single Family Attached Home Sales|
Home values for the single family attached market in Portola Hills increased 7% from 2015, with the Average home selling for $596k. The record selling price for this category was a Serenado Plan C that sold for $710k and had amazing views of the Saddleback Mountains.
The final category of homes we will look at is the Single Family home market in Portola Hills.
|Portola Hills 2016 Single Family Sold Homes|
|Portola Hills 2015 Single Family Sold Homes|
The average price of a standard single family home increased 4% in Portola Hills. Though it is important to note the mix here. The average price per square foot of a single family residence increased 11%. The highest priced home that sold in Portola Hills in 2016 was a Crown Pointe model and sold for $1,050,00
Residence should be very happy with the home value increases in 2016. Homes priced right, well presented and available, consistently out priced our surrounding neighbors. However, 10% of the homes listed did not sell. With low inventory, one of the other aspects, price, condition, presentation must not have been in place for these homes not to sell in 2016. Buyers have so much data at their hands these three aspects must be on point to get to get a home sold in today's market. Really the only issue in 2016 was the lack of inventory available in the community.
This report provides a broad overview of the community of Portola Hills. If you are wondering the value of your home, make sure to request our FREE Home Value Report, order here and it will be sent to you within minutes.
As well, we created two special e-guides, as we believe 2017 is going to be an excellent year in the Portola Hills market. Demand is high in South Orange County in general and inventory continues to be an issue. So if you are thinking of a move, makes sure to get or FREE Home Sellers eGuide or our FREE Home Buyers eGuide, they are packed with useful information to help you take the next steps in homeownership.
We hope 2017 is a wonderful year for our clients, neighbors and friends in Portola Hills. Of course, if we can help you with your real estate needs, please do not hesitate to contact us. Happy New Year!!
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This information is cross posted on PortolaHillsLiving.com