Dear Bel Air Park Neighbor:
It’s Fall, my favorite time of year, and hopefully, the hottest days are behind us.
While the real estate market continues to face the uncertainties of the tariff wars and the international scene, the real estate market on the Westside has seen a turn-around in sales volume, now more than 8% ahead of last year at this time. Median sales prices are awkwardly stuck in the middle — some areas are up over last year’s benchmark but others are down.
This fluctuation in home prices is a constant all over. However, the luxury home market — those homes over $5 million — are still substantially behind in number of sales versus 2018. Even when you look at median sales prices in Los Angeles County that are topping median sales prices in the pre-recession period, we’re still down in real dollars when inflation is factored in.
While the Fed stimulated the market last month with another rate cut, mortgage rates jumped 10% last week because the uncertainties of what’s going on in the nation’s capital. Even with all the turmoil, we still have low mortgage rates, and sales are being made.
From the real estate perspective, what is happening in your fabulous community and how does it compare to the3rd quarter of 2018. As an overview, the difference between the two years is basically negligible. Currently there is (1) home available for sale, you will please note that one particular home was also on the market at the same time last year. It has been on and off the market with the price being adjusted. I am not sure why it is not selling as it really is a lovely home with a nice lot and great view! Neither year brought a home in escrow nor any closed escrows for that matter. Currently there are (2) homes available for lease vs one last year, and (3) homes were leased this past quarter, vs.(1) last year.
Please do not hesitate to let me know how I might assist you with any and all of your real estate needs. If you celebrate, I hope you have a Happy New Year. Make it a safe, healthy and prosperous one.