Happy February! I hope your transition to life in 2022 has been smooth so far.
As far as the real estate market goes, for many, it continues to be a bit of a bumpy ride. I want to keep you updated on some of the projections for change this year — some of which will impact the options available to your clients when deciding whether to sell their house or refinance to do a buy-out. The following are national trends. Below that are local metrics I’ve put together so you can gauge the climate of our local market.
Local Trend in Prices:
Currently, our market is continuing to see an Upward trend, pretty much across the board:
Area
Brentwood, LA County
Westwood/Century City
Hancock Park - Wilshire
Quarter 4
2020
Median Price
$4,502,869
$2,569,345
$2,394,421
Quarter 4
2021
Median Price
$6,343,143
$3,467,987
$2,616,319
Year-to-Year Change
+40.9% (!!!!!)
+35%
+9.3%
Pricing Note: House values can fluctuate through the seasons. Spring is a different market than the Fall; mid-Summer looks much different from the end of the year. So in order to get an accurate reading as to whether or not prices have fallen or risen, we use the “year over year” barometer.
Local Days on Market:
Area
Brentwood, LA County
Westwood/Century City
Hancock Park - Wilshire
Quarter 4
2020
DOM
57 DOM
37 DOM
53 DOM
Quarter 4
2021
DOM
63 DOM
25 DOM
28 DOM
Year-to-Year Change
10.5%
-32.4%
-47.2% (!!!!)
Days on Market (“DOM”) Note: This metric will tell us how long it takes for homes to sell. This number is driven by supply and demand. An uptick in interest rates can cause DOM to increase; a drop in unemployment can cause DOM to decrease. All sorts of economic factors can affect this number, and ultimately, DOM affects pricing. When there are low days on market, prices go up; when DOM increases, prices go down.
Market conditions are constantly fluctuating. If you would like a market analysis for your own knowledge or for a specific case, I’m happy to provide you with current figures anytime on a complimentary basis. Feel free to give me a call directly at 310-841-6440 or email me at this address.
As always, keep my attorney document portal handy, should you need title documents or property values.
I take a holistic approach…it's not about the "bricks and the sticks" for me. It’s about how I can help each family or individual fulfill their long-term goals.
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