Dear Brentwood 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 the 3rd quarter of 2018. Please remember that I am only reporting on the portion of Brentwood west of Sepulveda, and north of Sunset to and including Bundy Drive. There is a slight difference in the number of active listings on the market for the two years: This year there are (5), and last year for the 3rd quarter the number was (9). The days on market are also interesting to look at: it is (116) for this year, and (62) in 2018. Currently there no homes in escrow, with (2) last year. As for closed escrows, this past quarter there were (6) and for last year there were (5). Two homes are available for lease, whereas there were (5) this year (4) were leased and (3) were leased in the 3rd quarter last year.
I look forward to seeing and meeting you and learning from you how I can assist you with any and all of your real estate needs. Please get in touch with me, Carole@caroleschiffer.com or 310 442-1384. If you celebrate, I hope you have a wonderful, safe, happy, & prosperous New Year!