October Market update
In October 15 homes sold in the neighborhood, 5 of which were sold over asking. 8 of the 15 were over $2MM. 16 homes are in escrow (two over $5MM), more than the last few months AND plays counter to the broader national trend of a slow down prior to the election due to uncertainty.
What typically happens in Election years?
*Since the 1960s sales slowed a bit prior to elections. It is worth noting that transaction get delayed, not lost.
*In 9 out of the last 11 elections, more homes sold after the election. Many are on the sidelines now and mortgage rates are forecasted to come down. Post election prices typically increase as noted in 7 of the last 8 elections.
*2025 consensus forecast is a 2.5% national price increase. Remember rates peaked at nearly 8% last Oct and we appear to be on a downward trending path in the months ahead.
Local Highlights
Of the 15 sales, 1 was in Hancock Park, 3 in Windsor Square, 2 in Larchmont Village and 1 in Brookside.
A few highlights:
*Highest sale was a private sale, off market for $9.65MM at 226 S Windsor Blvd which sold previously for $10.5MM pre-Measure ULA in March 2023, an 8% drop without additional 4% transfer tax.
*Highest published sale was $9.1MMfor newly renovated 201 N Rossmore on the golf course which sold 2 years ago for $5.9MM. Also 7000 sq ft and gated.
*Latest “land value” sale was $1.264MM for a 4,998 sq ft lot on Irving in Larchmont Village
*3 income properties sold at an average ~$2MM for just over 4,000 sq ft on just over 7000 sq ft lot. 64 days on market.
· *10 condos sold for an average of nearly $840k or 1,472 sq ft. 45 days on market.
· *30 properties leased for an average of $4,394/month for 1,463 sq ft. 52 days on market.