Dear Westwood Hills Neighbor:
Welcome to Spring!
Warm weather and blooming flowers arrived just as Spring opened its doors, and the
increasing number getting their vaccines, which hopefully helps all of us spring into new and renewed life.
As we enter our second year of the pandemic, we find our housing market conflicted — nationally, prices are zooming upward — up 14.4%, but the number of homes sold in the U.S. fell 3.6%. And in Southern California the median sales prices reached an all-time high, jumping nearly 15% from a year earlier, but sales surged 19.1% from February 2020 in Los Angeles County. What is challenging these impressive numbers is that homes are selling faster than ever, and buyers had 13% few options to choose from. Lower mortgage rates are still driving this home-buying onslaught in Los Angeles County, where we have seen a turnaround also in the higher-end market (homes selling for over $5 million) where sales and prices are up significantly over previous months compared to 2020. (See the next Schiffer Line for our High-End Sales Report.)
The competition is keen everywhere that I am seeing on the Westside — multiple offers on homes that are competitively priced, and 35% of homes sold are now being sold for over listing price — a clear indication that demand continues unabated. The same situation exists with leases as well. I have a client who is temporary moving here from Mexico City, and every house he likes is gone before he can come here to see it. We are also seeing multiple offers on the leases he and his family are interested in. Incredibly stressful as they are only here for a few days to secure their lease before returning home for a month or two.
From a real estate perspective what is happening in Westwood Hills Neighbor? Currently, there are two (2) homes on the market, one (1) in escrow There were five (5) closed escrows. Conversely, there were three (3) homes available for sale four (4) in escrow, and one (1) closed escrows. Then Covid hit and that slowed down things even more.
We are still dealing with the issue of the potential development of the Berggruen site as well as the studies being done on the rapid rail system that would run from the San Fernando Valley through West Los Angeles to LAX. Stay tuned for more information on both.
I am filed with gratitude for all that life brings to us and really look forward to hearing from you as to how I might assist you with all of your real needs – buying, selling, leasing.. ALL OF IT! Please let me know how I might assist you.. firstname.lastname@example.org
Looking forward to hearing from you