The following is a snapshot of the market in the last quarter versus the same time in Q3 of 2018. Market time is a bit longer overall by sales are picking up from the first half of the year and pending sales are up. Buyers are enjoying some great choices in our neighborhood across many price points!
Homes Over $2 million – 31 sold versus 34
-$104.6 million sold, $13 million LESS than Q3 2018
-The pace picked up from Q1 and Q2. The 2nd half of 2019 is expected to finish strong. YTD, 70 sales were made versus 93 in the same period in 2018.
-Average prices were just over $3.37 million. 5 homes sold over $5MM, down from 7 in Q3 2018. 400 S Hudson was highest sale at ~$7.17 million.
-Average price per square foot was $862, -6.3% less. Yet, 5 homes sold for over $1,000 sq ft.
-Market time was flat versus Q3 2018.
-Buyer demand remains strong and homes sold below 2% of their original list price.
Homes Under $2 million – 21 sold versus 19
-$35.9 million sold, nearly $5.1 million more than Q3 2018
-Average prices were $1.69 million, +5.6% more
-Average price per square foot was $734, -15.4% lower
-Average market time increased to 52 days from 37 and properties sold 5% under their original list price.
By Property Type
-Demand remains strong for 2-4 unit buildings especially among owner/users
-Average building prices were $2.24 million. 4 buildings sold versus 3. Market time was 88 days.
-Demand for renovated 2+ bedroom condos is strong. Wilshire Country Manor enjoyed a sale at $1,065,000 ($627/sq ft) and the new & improved roof is on at the complex!
-Average condo prices are $571/sq ft, down -1.8%. Less improved properties sold versus Q3 2018.
-Single family homes available for lease were about the same.
-A renovated large duplex leases for over $6,000+ a month as do small single family homes near Larchmont Village
Newsworthy items
-Governor Gavin Newsom just enacted new legislation limiting annual rent increases for the next decade and offers eviction buffers.
-LIBOR will be phased out in 2020. Are any of your investments or loans tied to this index?
Please call us to discuss you specific real estate needs and how we may be able to help you! We have plenty of experience and wisdom to share!