SoCal Real Estate Cools
Some Southern California Real Estate watchers are pointing to a hint of a chill which is washing over the market as we near the end of summer. While I have never been one to feel the negative down-turns—at least not in my business—I thought it timely to report an end of summer market update. As reported by the Los Angeles Times, experts say that home prices aren’t rising as quickly in the booming metro areas as they did earlier this year. In a recent Times article titled, Red-Hot Housing Market is Cooling Slightly all indicators point to a slight shift in numbers. However it’simportant to point out that they also say the revival is still happening:
Multiple-bid competitions aren’t as intense in many markets. Inventories of homes for sale have increased this summer…The revival is still well underway — it’s just not as effervescent.
According to the article, there are several factors that warn of a slight decline including price decline, an increase in inventory, and lower buyer turn out.
But, says Frank Nothaft, chief economist for Freddie Mac, as reported by the Times:
…the recovery is simply moving into a second, more sustainable” phase. During the last 18 months we saw eye-popping numbers on prices and sales…Sales should continue to see “healthy” growth and prices should continue to rise but the percentages will be less.
Westlake Village Real Estate Still Rebounding
Unlike many real estate markets across the country, Westlake Village continues to rebound. Prices are on the rise with listings averaging 30-60 days on the market. As reported on Househunt.com in their update, Westlake Village Real Estate Market Trends–California, prices are up 5% since last year and they call Conejo Valley a real estate ‘hot spot’ with Westlake Village leading the charge.
According to the report:
Sellers are receiving multiple offers at 90-95% of asking price. The market is heating up–particularly due to move-up buyers. This desirable community [Conejo Valley] is still selling strong. The housing market is moving for those sellers that are pricing their homes in line with the most recent sale prices of similar style and area. Interest rates are very low.
Housing Trends Don’t Last but Sensible Realtors Do!
All throughout the burst of the Los Angeles housing bubble and during the climb back, myWestlake Village real estate business remained successful. While I understand the importance of and I always stay on top of all the market trends and numbers, ultimately I rely on what has always worked for me: experience and impeccable service. My clients continue to buy and sell with me and I still have houses going into escrow days after listing. Trends go in and out of style, but classic real estate experience will go the distance.
If you are planning on exploring Los Angeles home buying or you have questions about the current Southern California real estate market, contact Lydia Gable today for more information.