Westwood Hills 1st Quarterly Updates 1 April 2022
Dear Westwood Hills Neighbor:
March came in like a pussy cat with little rain fall, and we are limping forward, hoping April “showers” really do arrive We do need the rain as drought has again gripped our state, with water reserves dwindling to dangerous levels. Rationing is most likely on the way.
As the war in Ukraine continues to overwhelm the world, on the home front, we are continuing to see rising inflation, gas prices, and now interest rates. The Federal Reserve recently increased interest rates, and we are now seeing mortgage rates nearing 5% level, which causes concern especially with first-time buyers. However, the share of millennial home buyers has significantly increased over the past year, with 43% of buyers in the age range (21 to 41 years), which is up from 37%. But overall, existing home sales feel in February 7.2%, continuing a pattern of ups/downs over the past few months.
According to the National Association of Realtors, housing affordability continues to be the major challenge. But in our market, the lack of inventory is really challenging buyers as home owners are reluctant to move during these high inflation times, compounded by the unknowns brought about the war in Ukraine.
With us now entering the 2nd quarter, I continued a strong sales year that I experienced in 2021, and yes, inventory also remains a challenge for all buyers. We are continuing to see multiple offers on all price points. I recently assisted one of my mentees with writing his first buyer offer on a condo in Playa del Rey which was listed in the lower sevens, and ended up with 9 offers, probably selling over $800,000!
Real estate activity in Westwood Hills has always been strong, and this past quarter has proven to live up to its history! Currently there is one (1) home available for sale vs. three (3) for the same time period last year. There are four (4) homes in escrow against the same number last year, and eight (8) closed escrows this past quarter vs. seven (7) last year including one (1) private sale. If you look at the days on market, you will see that on the average, homes in the community are selling quickly. This is a clear indication of the strong desirability of the community and the over all lack of inventory. I have a listing coming up in the community some time the end of April, beginning of May. If you know anyone who might have an interest in purchasing a home in the community, please contact me and I will put you/them on the list for you/them to see when the house is available to be seen. In the meantime, if you are thinking of selling, please contact me… carole@caroleschiffer.com, ceschiffer@gmail.com or 310 442-1384.
Looking forward to speaking with you soon
Carole
