SPOTLIGHT ON:
Hollywood Hills- 90068 Housing Market
The 90068 housing market is somewhat competitive. Homes in 90068 receive 4 offers on average and sell in around 48 days. The median sale price of a home in 90068 was $1.8M last month, down 2.0% since last year. The median sale price per square foot in 90068 is $813, down 2.9% since last year. [Redfin.com]
Studio City / Toluca Lake - 91602 Housing Market
The 91602 housing market is very competitive. The median sale price of a home in 91602 was $1.4M last month, up 46.1% since last year. The median sale price per square foot in 91602 is $740, up 10.0% since last year. [Redfin.com]
Burbank - 91505 Housing Market
The 91505 housing market is very competitive. Homes in 91505 receive 2 offers on average and sell in around 29.5 days. The median sale price of a home in 91505 was $1.1M last month, up 5.4% since last year. The median sale price per square foot in 91505 is $726, down 2.3% since last year. [Redfin.com]
Fastest increasing market in Los Angeles County [stacker.com]
#1. Palos Verdes Peninsula, CA
- 1-year price change: +$63,075 (+3.1%)
- 5-year price change: +$630,411 (+43.7%)
- Typical home value: $2,072,647 (#11 most expensive city in metro)
#1. Fastest declining market is Downtown L.A.
The downtown urban L.A. property sector continues to drop following 5 months of softening market numbers.The real estate market in urban Los Angeles is continuing to decline, with February 2023 showing a significant drop in listings sold and properties taking 300% longer to sell compared to the same period in the previous year.
LA LOFT BLOG
While competition has reduced, the prepared buyer is going to be more successful than the buyer that is not.
- Know your budget and get prequalified, or even better, pre approved. It will give you a negotiation edge.
- Explore all areas within your budget, you might be surprised what you find!
- Don’t go it alone. Buying real estate is a team sport, and having an agent you trust helping you will save you time and money down the road.
According to Keeping Current Matters: “If you’re thinking about selling your house, you may have heard about the housing market slowing down in recent months. While it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says: “Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
It’s true buyer demand has slowed over the past few months as higher mortgage rates made it more expensive to buy a home. The result is fewer bidding wars and less competition among buyers.
