November Homes for Sale The LA Westside real estate market is definitely showing signs of a SHIFT, as inventory of available homes is up considerably over this time last year, and in several key areas of the Westside, up double-digits. The numbers below reflect the increase from November 2017 vs November 2018.
Culver City Up 6.1%
Palms/Mar Vista Up 17.1%
Santa Monica Up 15.3%
West LA Up 26.1%
What does this mean for home buyers and home sellers, and is this the beginning of a trend of things to come? If you take into consideration the fact that the number of available homes having price reductions is also up, in addition to days on market being up double-digits in 3 of 4 key Westside areas, 2019 may finally show some relief for buyers to purchase a home on the Westside. With more options to consider and still favorable interest rates, buyers have slowed down the pace and urgency of their search, and are now starting to have a hand in negotiations when it comes to both price/terms and things like repair credits. This trend is most likely to continue into the New Year as more listings come onto the market.
What does this mean for sellers as we approach 2019? As markets begin to SHIFT, there is normally a lag time between what buyers are now willing to pay for real estate and where seller’s expectations are. This is seen by the increase in days on market and number of homes having price reductions. Sellers who have false expectations of 2015-2017 prices, will have their homes linger on the market longer with increased price reductions, and may run the risk of chasing a downward market in some instances. They will also face more competition from homeowners who have been properly advised by their agents as to current market conditions, and are pricing their properties to the now market…not to the market of yesterday.
If you have any questions on the current LA Westside housing market, or are considering buying or selling in 2019 and would like the advice and consult of a seasoned professional, please visit our website at www.LAWestsideHomeValues.com to book a consult, or feel free to contact us directly at 310-403-7381.