Sigh.... the holidays are over and 2015 has closed it's chapter. We often hear people say during December, it's slow in the real estate world but in reality it can tend to be a very busy. No exception for the Portola Hills Real Estate Market.
Portola Hills is not a huge community in Lake Forest, but this past month there were 9 homes sold. Just 1 shy of 2014. In addition 7 homes went into escrow in December, leaving only 5 available properties currently. The good news for home sellers, price per square jumped up approximately 6% in the last month of the year compared to December last year.
Portola Hills December 2015 Real Estate Sales
Though the market in Portola Hils has been very strong this past year, surpassing both the # of sales and the pricing from last year, unfortunately there still are some residual effects from the downturn as we had one distressed sell in the neighborhood this past week. Lucky for the buyer as you can note, that home closed escrow at $756k down almost 200k from similar properties.
Below is a look at homes that closed a year ago in Portola Hills. As you will note the Median Price Per Square Foot was $303.24 for the area vs. today's median at $321.18
Portola Hills December 2014 Real Estate Sales
Side note: I just saw the movie The Big Short and the area is very blessed to have recovered so strongly with very few distressed sales in the area this past year. I strongly recommend the movie. Though I admit it got me mad once again at the banks, I am happy to see so many of my clients recover.
We are in the process of putting together our year end report looking at each property type for Portola Hills. If you are interested in receiving our 2015 Portola Hills Year in Review, click away..
As always, if you are looking to list or buy a home in Portola Hills. We are here to help. 2016 looks to be like a very productive year with two new developments coming to the area.