Oct. 4, 2019

Los Angeles & South Bay October 2019 Housing Market Update - Stabilizing Market

Los Angeles & South Bay October 2019 Housing Market Update - Stabilizing Market

Los Angeles real estate Broker and consultant Mike Weber discusses where the Los Angeles County and South Bay Beach Cities real estate market is currently at for the beginning of October 2019. Find out what's happening with median homes prices, the supply of inventory, and the number of closed sales in Los Angeles County as a whole and the South Bay Beach Cities.

With mortgage rates continuing to stay at historically low levels, median sales prices are trending upwards, if only modestly, in the Los Angeles County and the South Bay Beach Cities. Inventory remains relatively stable, while closed sales have risen noticeably from the same month a year ago. Many markets at lower price points are still highly competitive with many properties garnering multiple offers, while many higher price point markets have slowed down noticeably, presenting a much more opportunistic time for buyers to purchase a property with less competition in many cases. Most sellers would do well to sharpen the pencil and improve their presentation to stand out from the crowd and beat the averages prevalent in the market.

If you have specific questions or would like to learn more about your area, contact us today for more information.

Sept. 6, 2019

Los Angeles & South Bay September 2019 Housing Market Update - Flat Median Prices - Falling Rates

Los Angeles & South Bay September 2019 Housing Market Update - Flat Median Prices, Falling Rates

Los Angeles real estate Broker Mike Weber discusses where the Los Angeles County and South Bay Beach Cities real estate market is currently at for the beginning of September 2019. Find out what's happening with median homes prices, the supply of inventory, and the number of closed sales in Los Angeles County as a whole and the South Bay Beach Cities.

In anticipation of the Federal Reserve lowering the federal funds rate recently and signalling a much more dovish stance compared to most of last year, mortgage rates have fallen back down to extreme lows, historically speaking, which has lead to a bounce in median prices and closed sales and a reduction in inventory levels that we likely would not have experienced had rates continued trending upwards as they started to in the middle of last year.

Even with mortgage rates having fallen over a full percentage point in the last 6-12 months, we're only seeing modest median price gains and limited support in the local housing market. What I'm seeing first hand is a very strong market at lower price points, a balanced market at price points in the middle, and a softening market at higher price points. It will be interesting to see what happens in the next several months as we wind down into the slowing holiday season.

Aug. 2, 2019

Los Angeles & South Bay August 2019 Housing Market Update - Flat Median Prices - Increased Inventory

Los Angeles & South Bay August 2019 Housing Market Update - Flat Median Prices - Increased Inventory

Keller Williams real estate Broker Mike Weber discusses where the Los Angeles Country and South Bay Beach Cities real estate market is currently at for the beginning of August 2019. Find out what's happening with median homes prices, inventory levels, and the number of closed sales in both of these areas.

Even though we saw a dip in median homes prices last month, year over year, for Los Angeles County as a whole, this month prices have swung to the upside, likely resulting from the incredibly low mortgage interest rates over the last few months. Lower interest rates help to boost sales and allow buyers to afford more house than they could before. South Bay median homes price have actually fallen moderately year over year, even with reduced interest rates in the market.

Inventory in both areas remains unchanged but is markedly higher than last year. Since it's unlikely for mortgage rates to fall much lower, and since inventory is still relatively high, I suspect inventory will continue to grow in the short run, as the effects of lower rates will eventually wear off and many buyers will still be priced out or choose to wait on the sidelines to see what the future holds as the economy continues to show signs of weakness in other sectors.

Closed sales also remained relatively stable over this last period and are similar to 2018 levels, which were generally lower than previous years. This slight uptick in sales is likely a result of the lower rates in the market and the fact that we're now in peak selling season.

July 9, 2019

Los Angeles & South Bay July 2019 Housing Market Update - Median Prices Falling!

Los Angeles & South Bay July 2019 Housing Market Update - Median Prices Falling!

Los Angeles based real estate broker and consultant Michael Weber discusses where the Los Angeles and South Bay Beach Cities housing market is currently at. While median prices in Los Angeles County have come down modestly about .5% from a year ago, the decline in the South Bay is much more pronounced at about 5%. This is not a good sign for the housing market, as prices have generally risen every month year/over/year for a very long time.

Inventory also continues to grow and the number of closed sales continues to fall and this is all in the face of extremely low mortgage rates and a plethora of new programs designed to help buyers get into homes with little or no money out of pocket.

Are you thinking of taking advantage of this new softer market to buy a home or an investment property? Is it time for you to sell and make a move or downsize into a smaller home and lock out some of your equity for retirement?

If so, give us a call today. We're here to help.

 

June 3, 2019

June 2019 Housing Market Update Los Angeles & South Bay - Median Prices Flatline

 

June 2019 Housing Market Update Los Angeles & South Bay - Median Prices Flatline

Los Angeles real estate broker Mike Weber goes into detail about the Los Angeles housing market and the South Bay real estate market. It looks like we're finally seeing a topping pattern in prices in the Los Angeles County area. The market experienced 0% change in median home prices for Los Angeles County for the month end of May, Y/O/Y. This is in the face of substantially lower Mortgage rates compared to the beginning of the year. Lower rates in the market are no longer acting as stimulus in increasing housing prices, at least, in the Los Angeles area.

 

Normally, median prices peak around May, June, July and gradually fall thru the winter season. The current peak matches the peak of 2018, so it doesn't look like we're going to see much price growth, if any, from here on out. Even if the Federal Reserve lowers the federal funds rate, as I expect they will over the next several months, I do not believe this will create enough stimulus to drive prices higher. Maybe to a marginal extent and for a limited period – but, beyond that, I don't see it working as short term investors and speculators are leaving the market and the economy continues to show signs of weakness across sectors.

 

All this said, we could see a stabilization for some time in the local real estate market. It's possible that these lower rates will add some steam in the multi-family segment, as long term buy and hold investors are able to accept a lower cap rate since the cost of money has fallen, but this will likely taper off, as prices have already offset much of this benefit of slightly lower rates.

 

The Los Angeles and South Bay closed sales remain relatively stable and inventory in both areas continues to grow but not alarmingly. South Bay inventory levels do appear to be making a break-out, so it will be important to watch this throughout the rest of the year to see if this trend stabilizes or continues.

 

Are you thinking of taking advantage of this new softer market to buy a home or an investment property? Is it time for you to sell and make a move or downsize into a smaller home and lock out some of your equity for retirement? If so, give us a call today. We're here to help.

May 1, 2019

May 2019 Housing Market Update Los Angeles & South Bay - Pending Home Sales Crash

May 2019 Housing Market Update Los Angeles & South Bay - Pending Home Sales Crash

 

Los Angeles real estate broker Mike Weber goes into detail about the Los Angeles housing market and the South Bay real estate market. Sellers continue to over-price their homes as if the market is still rising 8-12% per year like we experienced for many years, and many would-be buyers seem to be continuing to hold off on purchasing at the elevated prices in the market, unless the property is priced correctly.

Although the current inventory level is still relatively low in general, falling sales and rising inventory cannot go on for too long before prices have to adjust to clear the market and create a new equilibrium between buyers and sellers.

In this video, find out about the drastic shift in market conditions we're seeing in Los Angeles County and the South Bay Beach Cities. Although median homes prices are stabilizing, the amount of available homes on the market have gone up substantially and pending home sales have fallen. It looks like the Los Angeles housing market got a boost of adrenaline from the low rates at the beginning of the year that is now starting to wear off as we're now seeing in the new data.

Are you thinking of taking advantage of this new softer market to buy a home or an investment property? Is it time for you to sell and make a move or downsize into a smaller home and lock out some of your equity for retirement?

If so, give us a call today. We're here to help.

The Weber Real Estate Team

mikeweberrealestate@gmail.com

424-237-8570 

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April 12, 2019

April 2019 Housing Market Update Los Angeles & South Bay

April 2019 Housing Market Update Los Angeles & South Bay

Mike Weber, Associate Broker with Keller Williams Beach Cities discusses where the real estate market is currently at for Los Angeles County & the South Bay Beach Cities for the beginning of April 2019. As median home prices remain stable or rise, all data indicate a continued slowdown in the market. It seems a substantial drop in mortgage rates have helped prop up median home prices, even with inventory rising and sales falling rather strongly. Less homes are selling and more homes are sitting on the market, but the ones that do sell are still selling at higher prices.

March 1, 2019

March 2019 Housing Market Update Los Angeles & South Bay

March 2019 Housing Market Update Los Angeles & South Bay

Find out what's happening in the Los Angeles real estate market currently. Learn about median homes prices, the number of homes on the market, and how many are actually selling. Give us a call if we can help you with anything.

Feb. 2, 2019

February 2019 Housing Market Update Los Angeles & South Bay

February 2019 Housing Market Update Los Angeles & South Bay

Real estate consultant and broker, Mike Weber, discusses where the real estate market is currently at for Los Angeles County & the South Bay Beach Cities for the beginning of February 2019. Find out what is happening with closed sales, median home prices, and the amount of inventory on the market in Los Angeles County and The South Bay Beach Cities.

Jan. 2, 2019

January 2019 Real Estate Market Update For Los Angeles & The South Bay

January 2019 Real Estate Market Update For Los Angeles & The South Bay

Keller Williams real estate broker and consultant Mike Weber goes over where the real estate market is currently at for Los Angeles County & the South Bay Beach Cities at the beginning of January 2019. Learn about the trends in the number of sales, median home prices in Los Angeles, and the level of inventory on the market in Los Angeles County and The South Bay.

Give us a call today to talk about your real estate needs.