🔥 Summer Sale Sizzle 🔥 21 homes sold in Hancock Park last month averaging $3.5MM+ and 35 days on market.
- 5 sales were over $5MM.
- Over 66% of the inventory is priced to sell and does so within the first 30 days.
- Multiple offers are still the norm for well located & priced properties
- The highest sale was $16.5MM for 344 S Hudson, which last sold in 2015 for $8.6MM.
Pending sales: 20 homes are now under contract and pending ranging from $849k to $5.3MM
- 25% of the homes were on the market last year and have been adjusted to meet market demand.
Current inventory: there are 78 homes or just shy of 4 months of inventory still indicates a Seller’s market. Nationwide homeowners are listing the fastest pace since 2022.
Forecasts:
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Mortgage interest rates are expected to remain relatively steady in the mid-6 range for the next year. Forecast assumes that the Fed will raise the Fed funds rate in September or before year end. Inflation is forecasted to stay elevated until Iran conflict is resolved.
- The stock market performance is certainly fueling confidence among higher-end buyers who are less rate sensitive.
There are plenty of Buyers ready for the right house in Hancock Park and Windsor Square across all price points, so let us know when the time is right for you. We are ready to help you start preparing for the best results!