Hello folks, can you believe it’s September already?
We’re three-quarters of the way through 2021, and I want to wish you and your loved ones the very best. I hope you’re healthy and safe.
Now let’s take a few minutes and look at the Lomita Real Estate market report because that’s where I live and work. And you’re the people I serve.
Now home values are still going up in Lomita with median home values at $828,000. That’s up 0.88% over the last month. It’s down 0.94% over the last quarter, it’s up 11.7% over the last 12 months, up 18.04% over the last two years. And it’s up a substantial 21.63% over the last 36 months. Let’s take a look what that 0.88% means for you.
Let’s use the median home value in Lomita of $828,000. And if that value appreciated that 0.88% that’s $7,286.40 increase in value or equity for you in the last month. Let’s call it $7,280 just to make it easier on my brain. And let’s say your payments on that home are $4,920 a month, including taxes and insurance. So after making all your payments, you still add $2,360 to your net worth. That also means that if you’ve been waiting to buy, you lost out on that $7,280 gain this month and the seller’s now going to add that to their future sale price.
So if you want to learn more in depth of why owning is actually cheaper right now than renting, watch my other video “It’s cheaper to own than rent”. It’s on YouTube and there’s a link right up here and in the description down below if that’s what you’re watching. On other platforms, click the link for Houses in South Bay and check out my other videos.
In comparison the median home value in Los Angeles is only $756,000. In California it’s $683,000. And for the entire country, it’s only $281,000. Now if you want to find out what your home is 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 September, 2021. Now remember to like, subscribe, and especially share if you find this of value. But most important is answering your real estate questions. So post below, I really want to help answer any questions you may have.
Now also, the new 2022 South Bay calendars are coming out soon. This is last year’s and I give out thousands of these away free every year. But this time, the pictures in it will be all from you. I’m having a pet photo contest for this year’s calendars. So go to housesinsouthbay.com and enter your pet’s photos.
Now, looking back in September, we had 21 active listings in Lomita. Out of those 21 active listings, 12 sold. Those 12 that sold range from this two bedroom one bath 979 square foot condo to this 1,786 square foot three bedroom two bath home on a 5,650 square foot lot. It sold for $905,000. Now to get an idea 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 month’s supply, which is only at 1.4 months supply right now. That means if no new homes come on the market, we would sell out of homes in about six weeks. Now you probably already know, but we consider anything less than six months supply a seller’s market. Prices are still going up and sellers have more leverage during the selling process. Now on average, homes are selling in about 20 days right now, with about half of those homes selling in less than 11 days. That 1.4 months supply, it’s up from .9 months in July. Now it looks like that’s directly related to an increase in inventory and not a drop in demand. So if you’re out there looking, there is some more houses available.
Talking about demand, what does this mean for buyers out there? Well, interest is still very low, but it is predicted to rise over the next year. Prices are still going up as you seen by our earlier example, $7,286 last month. And that is why it doesn’t pay to wait. If you’re still waiting to buy you lost out on that equity and will now have to pay more for that same house a month from now. So if you’re thinking of buying now or want to put together a strategy to get your offer accepted, contact me and we’ll put a plan together that’s best for you. If you’re thinking of waiting, go to my website and check out some of my other videos why waiting to buy a home could cost you. It’s got some good information in there.
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.