Inventory continues to be at an all time low with only 30 closed sales in all of Los Feliz and Silver Lake (90026, 90027, and 90039) and only 12 in the mid-city and West Adams area (90016, 90018, 90019).
Homes are still closing slightly over asking price (and at prices higher than pre-pandemic 2019) with interest rates holding in the 6% range (though my clients just scored 4.8% through a credit union). All this to say, despite interest rates, there is no crash in sight.
If you are thinking of making a move (either buying or selling), it’s still a great time. Sellers benefit from low inventory but buyers are not able to drastically over-bid anymore because their buying power is hampered by the higher interest rates. Well
marketed homes still create a frenzy and are selling at higher prices than in pre-pandemic times. As I like to say to my dear buyers, look for the ugly house that has great bones! When sellers make bad choices (like their listing agent or marketing), you win! Buyers can still swoop in and scoop up deals and usually just have to change the wall color and the floors and poof! whole new house (and instant equity). And often you’ll be able to call the shots and have the time to score 4.8% like my clients just did.
May you all have a beautiful end to your summer- in a new home, or on a great vacation (I think everyone I know is in Santorini right now). I’ll see you next month!
Be well,
Emily