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Lomita Real Estate Market Report January 2022
Hello folks and happy new year.
We’re looking at some exciting numbers for the Lomita real estate market. But especially stick around until the end to find out how you can put more money in your pocket by following a few simple steps.
Home values are still going up here in Lomita, with median home values at $860,000. That’s up 3.42% over the last month. It’s up 1.22% over the last quarter, up 15.71% over the last 12 months, up 20.84% over the last two years, and up a substantial 25.61% over the last 36 months. In comparison, the median home value in Los Angeles is only $796,000. In California it’s $715,000, and for the entire country it’s only $303,000. 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 January, 2022. Now I hope this information is of value to you, but more importantly, I wanna answer your real estate questions. So comment below or reach out to me privately, and I’m happy to answer any of your real estate questions.
So looking back in December, we had 22 homes for sale in Lomita. Out of those 22 active listings, 19 sold. Those 19 that sold, range from this two bedroom, one bath, 808 square foot condo that sold for $385,000 to this 2,823 square foot, four bedroom, three bathroom, on a 15,000 square foot lot that sold for $1,300,000. Now 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 only 0.7 months of supply. That means if no other homes came on the market, we’d sell out of homes in about three weeks. Now you probably already know, but we consider anything less than six months supply, a seller’s market. Prices are going up, sellers have more leverage in the process. And, on average right now, homes are selling in about 31 days on market. But eight of those 19 homes sold in less than eight days. So what does it say? Prices still are going up, demand’s high, supply is low, so we see Lomita home prices still appreciating for at least another year.
Now I told you at the beginning of the video, I’ll give you some tips on putting some more money in your pocket. For sellers, I would suggest selling soon. We believe that inflation and interest rate increases will give buyers less purchasing power. It’s also gonna give you less purchasing power if you’re thinking of selling and then buying. That’ll also reduce competition for your home. Now this doesn’t mean prices are going down, it just means prices will not be going up as fast as they have been.
And for buyers, this is still a good time to consider buying, even in this seller’s market. It looks like purchasing a home is going to get more expensive. Rising home prices, inflation, increasing interest rates, are all going to give you less purchasing power, and reduce the home that you’ll be able to purchase.
Well, so click below or at the end of the video, why waiting to buy or sell a home could cost you a lot of money, for more information.
Bye for now.
