Dear Mountaingate 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.Curiously enough, there are the same number of homes available now as there were for the same time period last year (6). With regard to homes in escrow, currently there is (1), vs. (3) last year. As pertains to closed escrows, actually there are the same number (5), but the public records show (6) but the additional one was just a change in title and not an actual sale.
As I am sure you all know, there is lot going on with the potential construction of the Berggruen Institute as well as the prospect of some type of rapid transportation system being developed in the Sepulveda Pass. You can go online to get the latest on both projects as they both are in a state of flux. I look forward to seeing and meeting you and learning 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.