Hello, folks. Can you believe it’s August already? We’re almost three quarters
of the way through 2021. The market’s still crazy hot right now.
But before any of that, I wish you and your loved ones the very best. While we’re still trying to figure out what the new normal really is now everywhere is a little different. but give me two minutes and we’ll take a look at what’s going on in the Lomita real estate market.
So first big picture, median home values in Lomita, are at $821,000. That’s down 1.8 % over last month. And that same over the last quarter. Up 12.96% over the last 12 months, up 17.54% over the last two years. And a pretty huge still 23.82% Over the last 36 months, this slight decrease in value is most likely caused by a little buyer fatigue that we’re seeing in the market recently. Buyers are getting tired of the bidding wars and the rapidly appreciating prices, and they’re pushing back a little.
Now, in comparison, the median value in Los Angeles is $742,000. In California, it’s $671,000.
And for the entire country, it’s only $274,000. If you want to find out what your home is worth right now, go to www.HousesInSouthBay.com and get an accurate valuation.
Hello, everyone, Steve Huhta here from Century 21 Union and House In South Bay dot com
bringing you the Lomita Real Estate Market Report for August 2021. Now remember to like and subscribe and especially share if you find this of any value, but most important is answering your real estate questions. So post below. I really want to help answer anything you might have.
Now, looking back in July, we had 13 active listings in Lomita. Out of those 13 active listings, 12 sold, those 12 sold range from this two bedroom, two bath, 1,098 square foot condo that sold for $500,000 to this 2,523 square foot four bedroom, three bath home on a 5,030 lot that sold for $1,270,000.
To get an idea of where things are headed. We can look at the health of the market with a comparison of supply versus demand. We measure that with inventory months of supply, which is only at 0.8 months supply right now. That means that if no new houses came onto the market, we would sell out of all the homes in Lomita in about three weeks. You are probably already know this, but we consider anything less than a six month supply. A seller’s market prices are going up. Sellers have more leverage during the selling process, and if a home’s price correctly, it’ll sell superfast.
As you can see, average days on market is about 11 days. So homes are selling pretty quick with half those homes selling in less than eight days.
Now, that all sounds great for sellers, but what does this mean for buyers? Well, even though it’s a seller’s market, meaning that this can be a very frustrating time for buyers, it’s not all bad.
Interest rates are still at historic lows, giving buyers greater purchasing power. Now, just stay in there, we’re seeing a little buyer fatigue. So stay with it and get your offer accepted. Now, if you’re thinking of buying now and want to put together a strategy to get your offers accepted, contact me and we’ll put a plan together that is best for you.
If you’re thinking of waiting, go to my website and check out my other videos. “Why waiting to buy a home could cost you.”
So if you or someone you know is thinking of buying or selling a home or just as a real estate question, contact me so I can help.
Bye for now.