Dear Westwood Hills Neighbor:
It seems only yesterday we were dealing with the Y2K issue, and now we’re entering 2020. The conversations as to if we are ending a decade or starting a new one are endless, guess it depends on which end of the spectrum you are looking at. Amazing what has happened since 2000 and the speculation as to what will happen with the turning of the end of that decade! Since, the economy remains strong and vibrant, we are expecting a solid real estate year in 2020. So, yes, Happy New Year!
While we started off down nearly 10% in sales volume at the end of 2018, we have steadily moved up with sales volumes through November 2019 over 10% higher than a year ago…a good sign that 2020 should be experiencing this upward trend. However, with all of the continuing tumult in our world with tariffs, trade wars and the 2020 political season heating up there continues to be some speculation as to the impact these events and situations will have.
The good news is that mortgage rates remain low, and the Federal Reserve indicates that they do not expect to raise rates this year and more importantly, the Fed does not see a recession in 2020, which was also endorsed by UCLA’s Anderson Forecast. California’s employment and GDP numbers are strong, but what is concerning is the lack of affordable housing and inventory for thirsty home buyers. This remains a problem on many fronts as rental costs are also soaring in Los Angeles County. The housing industry is, indeed, facing severe challenges in the future.
I truly enjoyed meeting some of you at your Annual meeting a few months ago, just wish I had had the opportunity to chat with a few more of you. What is happening with regard to real estate in your lively community? How did your activity and prices stack up to that of ’18? 2018 was a banner year for Westwood Hills with 26 sales and the average price of $784.28 per square foot. In 2019 there were 17sales, but the average cost per square foot went to $842.43! Currently there is 1 home available for sale vs. 3 for the 1st quarter of ‘last year. There are 2 homes in escrow with 1 in ‘18, and there were 5 closed escrows this past quarter, vs 7 in ’18.
2020 looks to be another exciting and strong year for real estate and I am very much enjoying being a part of it. I look forward to hearing from you as to how we can fill your needs.
Hope you have a wonderful, happy, safe and healthy New Year.
Carole Schiffer, Realtor Coldwell-Banker Residential Brokerage/Brentwood Office 310-442-1384 (office) or e-mail me at firstname.lastname@example.org www.caroleschiffer.com CalBRE 00677619 ©2019 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC 234567An Equal Opportunity Company. Equal Housing Opportunity. Owned and Operated by NRT LLCNot intended as a solicitation if your property is already listed by another broker. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor sales associates, not employees. ©2019 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are registered service marks owned by Coldwell Banker Real Estate LLC.