Spring has sprung and there are still no sellers
As we continue to review the Los Angeles and West Los Angeles real estate market, the unmistakable data points one way...no inventory. 56 single family dwellings for sale in Santa Monica, 25 in Culver City, and 5 in Ladera Heights. Virtually all of these are over $1,000,000. Super hot bedroom communities, Westchester and El Segundo have more listings and some 3 bedroom units in the $700,000 and up range.
As always, as you go inland, you will see better prices, but not necessarily many more total great opportunities for value. One home I am aware of just listed at $100,000 over the highest market estimate for that home.
The good news is that mortgage rates continue to be super low - under 4% for 30 year fixed depending on the qualifications of the buyer. One pundit mentioned the other day that this is good news now, but might cause some reduction in the home value when rates go up in the future. This might be true, but in the West Los Angeles Market there is not going to be increasing supply of single family dwellings. If anything that supply will decrease as some homes are being converted to multi-unit dwellings.
If you are contemplating purchasing a home in West LA, and would like to have a conversation about your options, call Bill Rayman at 424-354-5325
Bill Rayman Home Mortgage12121 Wilshire Blvd
LA CA 90025