Dear Moraga Drive 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. That’s the good news.
From the real estate perspective, what is happening in your fabulous community and how does it compare to the 3rd quarter of 2018. The numbers in comparing the 3rd quarter of ’19 vs. ’18 are interesting. Currently there is (1) home available for sale, which was the same number as last year. In looking at the enclosed charts, you will please see that the home in escrow today is the one that was for sale last year. In ’18, there were no homes in escrow. There was (1) closed escrow this past quarter, with none for the same time period last year. As for homes available for lease or leased, the number is the same for both years, none.
As always, please, let me know how I can assist you and any and all of your real estate needs Looking forward to hearing from you, email@example.com or 310 442-1384. If you celebrate, I hope you have a wonderful, happy, safe, healthy and prosperous New Year!