People have been on the move – Sellers, Buyers and Real Estate professionals!!!
The market is the strongest we have ever seen it so if you or someone you know is thinking of selling, call Loveland Carr NOW to discuss options.
Q1 volume far outpaced the last 10 years and each price segment has its own story. Over $2MM there were a whopping 42 sales versus the average number of sales of 19. There were 28 sales in the $2-3MM range versus only 8 in Q1 ’20! The drivers were record low interest rates, pent up demand and demographic trends. Strong stock market and high levels of home equity among trade up buyers have fueled Buyer confidence.
Multiple offers were the norm especially at the most attractive price points and homes prices have hit new highs. We expect the momentum to continue through the calendar year even with a more volatile interest rates environment. Inventory above $7MM is building (4.5 months of inventory) and there are excellent choices available.
Homes Over $3 Million
- 14 sales versus 11 in Q1 ‘20
- Average sale price was $4,540,727, -23%. 2 sales over $15MM in Q1 ’20 skews data.
- Average price per sq ft was $968, -10%. Highest was $1,280 for brand new, never lived in construction
- Days on market averaged 66 days from 29 days in Q1 ’20.
- Highest sale in Q1 was 501 Wilcox at $6.4MM which started at $7.495MM. In 2018 it sold as a fixer for $3.8MM.
Homes Under $3 Million
- 48 sales versus 26 in Q1 ‘20
- Average sale price was $2,117,500, +17%+.
- Average price per sq ft was $852, +2%
- Days on market averaged 47 days from 38 days in Q1 ’20.
- The lowest sale was 268 S Larchmont at $1,175,000 for a 7,774 sq ft in Windsor Square. Lucky buyer!
It’s a great time to BUY if you:
- Are committed to being in the area
- Want to lock in low mortgage interest rates now
- Are ready to put down roots is a real community and enjoy life in a great neighborhood!
- Pick a well located house of most any condition, love it and watch the asset grow exponentially in value over the long term
It’s a great time to SELL if you:
- Are ready for a change due to life stage and have home equity
- ready to trade up or downsize
- Are ready to try something entirely new in another city or state
- Want to take advantage of current demand, low inventory and consumer confidence due to strength in stock market
*Local report uses a combination of public and private data from the Multiple Listing Service and Equity Title.
Curious about the broader city perspective read
Q1 Los Angeles County Coldwell Banker Report