It’s Fall, my favorite time of year, and hopefully, the hottest days are behind us. I enjoyed seeing a lot of you at our annual BBQ a few weeks ago. Hope you had a good time. The attendance was the largest we have had and we are already discussing the one for next year! I hope you have a wonderful Happy New Year!
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.
Please let me know how I can assist you with any and all of your real estate needs. Looking forward to speaking with you. 310 442-1384 or firstname.lastname@example.org