The numbers for the Westside real estate market for June 2017 (the most recent numbers available) show that real estate prices are at an all-time high. In fact, experts and analysts are predicting that prices are going to continue to rise because there is more demand than there are homes for sale.
Westside’s Biggest Sales Volume
How many homes sell in any given area are a good indication of the popularity of that particular part of The Westside. During June, sales volumes were way up in several cities, including:
- Playa Vista – increase of 223%
- Beverly Hills – increase of 128%
- Cheviot Hills – increase of 123%
- Playa del Rey – increase of 113%
- Los Feliz – increase of 86%
Prices Increased, Too
In addition to a larger sales volume, the prices of homes in Los Angeles County went up in June. The median price of homes climbed 7.4% to $569.000, creating a new record – beating the one from May.
No Slowdown in Sight
Although the spring/summer push for homes usually cools down a bit after July 4th, I’ve not seen that happening in The Westside real estate market. In fact, home prices have been steadily rising over the past five years because:
- Strong economy
- Low interest rates
- Shortage of homes for sale
I have to agree with experts that say that the prices will keep going up at about 5% a year. Unless the country plunges into a recession or mortgage interest rates jump drastically, there is nothing to stop the climb. And this isn’t just happening in The Westside real estate market. Every single county in Southern California has seen their home prices rise during this past month.
If you’d like to learn more about the Westside real estate market and how it affects you as a buyer or seller, please give me a call. I’d be happy to explain The Westside seller’s market and its implications for your unique situation.