I absolutely love fall in Portola Hills. Today is a lovely fall day with temps cooling a bit from the September warmth.
This is a great analogy for the real estate market in Portola Hills. We expect things to cool down but comparing the numbers it continued to be pretty hot with continued price gains.. just like the September weather.
Below is a snapshot of how the real estate market performed in the community of Portola Hills in Lake forest last month.
For the overall market Portola Hills saw a 10% increase in home values from September 2015. For the condo market the top selling home was 3 bedroom 1300 square foot Canyon Rim condo that sold for $490,000. On the Single Family Detached side the highest priced home that sold was a 5 bedroom, 3400 Square Foot Crown Pointe Home that sold for $1,010,000. (On a side note the Crown Pointe home was a flip bought as a short sale earlier in the year.) Currently there are 12 active listings on the market ranging in price for a 2 bedroom/900 square foot condo priced at $359,000 to a 5 bedroom/4200 square foot JM Peters Estate home priced at $1,699,000.
Sales Volume was exactly the same in September with 12 homes closing in both 2015 and 2016. Days on the market however was down from 61 days in 2015 to 41 days in 2016.
This time of year is a great time to purchase a home.. Seasonally we see home prices take a slight dip.. Why? The homes that have not sold during the end of summer will be more open to negotiations as we get closer to the holidays. However, the number of homes that come on the market is also lower.. So the trick today is finding the right house. Orange County is still averaging about 2-3 months of inventory overall on the market. The average list to sale price has come down from 98% to about 94%. However it is important to remember,as we transit into the holidays this inventory level will get eaten up quickly...leading us to price gains. Buyers should act now to have the best opportunity for savings.
As always if our team can help you find your next home.. please do not hesitate to give us a call.
Note: Similar information is also cross posted on our local blog PortolaHillsLiving.com
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