A brief overview of the current state of our real estate market.
Today I want to give you a little background on what’s going on in the real estate market right now.
Inventory levels have been really low this year compared to last year. In Pacific Palisades, we currently have a 51% decrease in the number of homes on the market. Brentwood’s available homes are down 45%, and Santa Monica is down 47%.
In Pacific Palisades, there are currently 34 homes on the market. Around 70 to 90 homes would’ve been considered normal in years past. There are 268 agents that serve the Palisades, so you can imagine how competitive that market is.
The number of homes sold year to date in 2022 compared to 2021 is down 44% in Pacific Palisades, 42% in Brentwood, and 42% in Santa Monica. It’s still a very active seller’s market. However, interest rates have risen to 5.5% over the last two months, and we expect to start seeing an increase in inventory. Buyers will have more selection, but we expect it to remain a seller’s market for the next six to nine months.
If you have any questions, reach out to me by phone or email. I look forward to hearing from you.