What’s going on in our local real estate market? Find out in today’s update.
We’re currently seeing a transition from a seller’s market to a buyer’s market, and the reason for this shift is that there has been an increase in inventory.
In the Pacific Palisades last September, there were approximately 62 homes on the market; currently, we have a little under 100 homes on the market.
In addition to there being more homes available, we’re also seeing fewer homes actually selling. There has been a 50% drop in the number of homes that are closing escrow.
Prices are also beginning to flatten out a little bit. The upper end of the luxury market has definitely been a lot softer than any other segment of the market. As a reminder, the upper end is defined as the top 10% or 20% of the price range in any market.
That said, properties in Pacific Palisades, Brentwood, Santa Monica, or Malibu (all upper-end markets) tend to remain on the market for a lot longer, and we’re also noticing more price reductions in those markets.
Conversely, the entry-level market—or the bottom 10% to 20% of the market—is still fairly active right now, and that’s true of Westwood, Culver City, Santa Monica, Palisades, Brentwood, and the surrounding neighborhoods.
If you have any questions, feel free to reach out to me. I’m happy to help answer any of your questions.