Dear Brentwood Circle 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. .
The construction on Sunset continues to contribute to the traffic and will be with us for a while. I can never figure it out as I travel east on Sunset to go home every night. Sometimes it is light and easy and others a nightmare, not being impacted by the time and/or the day.
From the real estate perspective, what is happening in your fabulous community and how does it compare to the 3rd quarter of 2018. With some slight variables, there is not a great deal of difference between the real estate activity between the 3rd quarter of 2018 and today. Currently there is (1) home available for sale, vs. last year when there were none. Last year brought 2 homes in escrow, and this year, (1). Two homes have closed escrow this past quarter vs. one last year. We had two homes available for lease, with none this year, whereas one home was leased the 3rd quarter of each year.
I really look forward to hearing from you as to how I might be of assistance you with any and all of your real estate needs. For those of you who celebrate, Happy New Year, may you have a sweet & healthy New Year.