Q: What’s the Word on Local Real Estate?
Here are the latest news and notes from our LA metro real estate market.
The leading news from our fall real estate market is that mortgage interest rates have dropped below 3%. We’re now seeing rates as low as 2.87%—the lowest in our market’s history—and we believe this could last well into 2022. In the LA metro area specifically, we’ve seen real estate prices rise 23% year over year. What’s more, the number of home sales over $3 million rose an astonishing 119% year over year.
The inventory, or the number of homes available on the market, is at its lowest level since 2004, and that has been the main ingredient in our hot market. In light of COVID-19 and everything else going on this year, buyers seem to have converged on the same desire: finding a personal oasis. Online searches for pools are actually up 1,500% year over year, and searches for outdoor spaces are up more than 900%—all I can say to that is, “Wow.”
If you or anyone you know is looking to buy or sell real estate, please have them contact us. We’d love to be of service and help you and your loved ones navigate these unique market conditions.