Slow, slower and slowest.... unless you are prepared to price VERY aggressively. While the Portola area is a nice enough neighborhood, it is one of the slowest ones in San Francisco as are most of the most southern-eastern parts of the city. In the past 3 months there have been only 7 sales (2 per month average) in the entire "Portola" neighborhood. With 25 listed For Sale right now, that is a year's supply. That is incredibly long anywhere... but especially so in San Francisco.
There are actually 12 homes that are apparently in contract (per an MLS search), so there are Buyers buying, but most were "asking" less than $700,000.
Of the 7 that have Sold, two sold quite "high", one for $788k and another for $800k. I have no knowledge of why they sold so high, and looking at them, it makes no sense (to me) because all of the other sales were $639k or below... with 4 of the 7 sales below $573k... and the two high sales don't appear to have anything that makes them special enough to deserve the higher prices.
Just 2 years ago the average price was closer to the mid- to high- $700's, now the average is at least $100,000 lower. The prices started dropping in 2006 and haven't let up since, although I don't believe it will go down any further than it is now. Buyers are out and buying... but for the most part they are being very picky, and they are bargain hunting.
When and will it go back up in price? Hard to say. I think you're looking at least a year out for that to start happening given the 1 year's worth of supply (homes for sale).... more