Dear Westwood Hills 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.
From a real estate perspective how is Westwood Hills doing for the 3rd quarter of 2019 as compared to the same time period last year? There are exactly the same number of homes available for sale this year as there were last year (7). The average days on market is a little longer this year, 44 vs. 26. As for homes in escrow again it is the same number for both years, (3), and for closed escrows, this past quarter we had (4), and last year the number was (6). We currently have (1) home available for lease, and last year there were (2)
I am looking forward to seeing you at your Annual Home Owners meeting on the 13th of November where once again I will be a sponsor. Please let me know how I can assist you with any and all of your real estate needs.