It's here, our monthly look back at how the real estate market performed in Portola Hills this past month. In July we saw a shift in the market but certainly not a down shift. What we are seeing is buyer traffic slowing down a bit and homes staying on the market a bit longer. The average days on the market in July for Portola Hills was 46.
In terms of price gains.. I guess no complaints there, with an average 20% increase from July 2015. Below is a quick look at how the markt performed.
Portola Hills Single Family Detached Home Value: $735,000 this is for a 4 bedroom 2052 square foot home.
Portola Hills Condo/Attached Home Value: $478,000 this is for 3 bedroom 1200 square foot attached home.
The above pricing indicates Portola Hills tight inventory is still driving prices up and is out pacing the rest of the county of orange as a whole! I would expect nothing less... we love Portola Hills!
It will be interesting to see how the new models that open this past week at The Oaks and then Skyridge next week in Mission Viejo, impact the area. Though these homes initial pricing is over $1,000,000, it certainly will peak buyers interest in the community..