Timely Real Estate News………………………………………………….1 April 2014
**************************************************************************************************************”“Though “Though April showers may come your way”….we hope so
That famous song always reminds us that April is suppose to bring us showers, and well, I hope so. We’re still fighting the drought in Southern California…and hopefully with more rain, we’ll see the “flowers bloom in May.”
And now that Spring is officially here, I’m pleased to report that we are, indeed, moving right along….listings are up (over 15% from last month in Brentwood) overall (this includes both single family residences and condos) ….open houses are as robust as they have ever been (one house in the Rancho Park area had over 100 a few Sunday’s ago)…and the phone is ringing — always a good sign that we’re in the Spring Selling Season.
But we’re still caught in this real estate vortex of too little supply and too much demand. Inventory is moving upward, but I don’t think even a 15% increase in listings is going to satisfy our market demand. Foreign buyers are coming here with cash offers, and they are anxious to acquire our real estate. Prices are rising in Silicon Beach — (Santa Monica, Venice, Playa del Rey and now Culver City, too). High-tech startups and well-paid entrepreneurs are also moving into the home-buying market in these areas as I mentioned in my last issue of the SchifferLine. It all portends good news for real estate on the Westside.
In a larger sense, however, we’re still looking at how the economy, the Fed, and unemployment affects are real estate market on the Westside. While I believe we are expanding our core center of influence by including the growing popularity of Silicon Beach communities, we are still tied to national economic policies, which seem to be supporting real estate growth. National stories are pointing to a slowdown in prices and sales, but that is NOT what we’re seeing here….and as I have said for years, we’re fortunately an anomaly when it comes to national trends. And that’s good news. But the bad news — we still need more inventory. We simply don’t have enough homes on the market, but the upward trend in new listings is encouraging.
Please let me know how I might assist you with any of your real estate needs.
Click here to see the Bel Air Crest Quarterly Market Update
Click here to see the Bel Air Park Quarterly Market Update
Click here to see the Brentwood Quarterly Market Uopdate
Click here to see the Brentwood Circle Quarterly Market Update
Click here to see the Lower Casiano Area Quarterly Market Update
Click here to see the Moraga Drive Quarterly Market Update
Click here to see the Moraga Place Quarterly Market Update
Click here to see the Mountaingate Quarterly Market Update
