Lomita Real Estate Market Report February 2022

Hello folks, it’s February already.

Now we’re gonna look at the exciting Lomita Real Estate Market, and stick around to the end to find out what’s driving this wild market, and how it actually may be an incredible opportunity for you buyers also. Now, home values dipped a little last month. Here in Lomita, median home values are at $847,000, and that’s down 1.54% over last month. It’s still up 1.49% over the last quarter. It’s up 12.78% over the last 12 months, up 19.58% over the last two years. And it’s up by, still substantial, 24.12% over the last 36 months. In comparison, the median value in Los Angeles is only $786,000. In California, it’s $711,000. And for the entire country, it’s only $307,000. If you wanna find out what your home’s worth right now? Go to housesinsouthbay.com and get an accurate valuation. 

Hello everyone, Steve Huhta here from Century 21 Union and housesinsouthbay.com, bringing you the Lomita Real Estate Market Report for February, 2022. Remember to please like and subscribe, and especially share if you find this of value. And please comment with your real estate questions. I am here to help.

Now looking back in January, we have 19 homes for sale in Lomita. Out of those 19 active listings, 14 sold. Those 14 that sold range from this two bedroom one bath, 810 square foot condo that sold for $420,000 to this 2,182 square foot, four bedroom three bath home on an 8,100 square foot lot that sold for $1,251,000.

To get an idea where things are headed, we can look at the health of the market with comparing supply versus demand. We measure that with inventory months of supply, which is at 1.4 month supply right now. That means if no other new homes came on the market, we’d sell out of homes in about six weeks. You probably already know, but anything less than six months is a seller’s market. Which, means prices are going up, sellers have more leverage during the process, and on average, homes sell rather quickly. Right now it’s averaging about 14 days on market with half of those homes selling in less than eight days.

At the beginning of the video, I said I’d go over what’s driving this demand and how it may be an incredible opportunity for you buyers. Now we know that there’s a shortage of inventory from our stats earlier and how good that is for sellers, but what’s driving that shortage and the higher prices, is the increase in demand from buyers. As we can see, the amount of home sold in Lomita has actually increased slightly over time. So the amount of homes for sale is actually kind of normal for the past several years.

Here are the top three reasons driving that growing demand to purchase a home.

1. Buyers are motivated to beat rising mortgage rates and increasing inflation. As we can see, major lending institutions and The National Association of Realtors all predicts rates are going up this year. A good indicator is the 10 Year Treasury Note, which did just go up, and we can see there’s definitely a relationship between the 10 year note and mortgage rates over the last 50 years.
2. The second reason, millennials are reaching peak home buying age. The millennial generation, born between ’82 and 2000, is the largest generation in United States history, numbering 83.1 million. These young adults are looking to establish their own families and life path. And home ownership is a big part of that.
3. And third reason, buyers wanna escape rising rents. Rents are increasing even faster than housing prices, and much faster than inflation. A fixed rate mortgage allows you to lock in that cost of housing, unlike rent that will continue to rise for the foreseeable future.

Remember, you’re already making a house payment every month. Wouldn’t you rather it be on your own home instead of helping pay off your landlord’s home?

Now there’s a lot of programs to help you buy a home. If you need some of that help, gimme a call.

Also sellers, your home is in high demand right now. You can get top dollar for it. If you’ve been thinking of selling? This is a great time.

Buyers, this is actually still a good time for you also. What is the general rule of investing in anything? Buy low and sell high. Well, if you buy now, it sure looks like prices are still going up for the foreseeable future. And we know that here in California homes always go up over the long term.

So check out some of my other videos for some other great info, and let me know how I can help.

Bye for now.