Hello, Lomita, it’s the end of May already.
The real estate market is changing, so give me a few minutes and find out how those changes may affect you. And stick around to the end to find out about some new programs that are helping buyers and sellers like you act like cash buyers and eliminate a lotta the contingencies that might be keeping you from reaching your real estate goals.
Now, home values are up here in Lomita. The median home value is $912,000. That’s up 4.31% over the last month. It’s up 7.67% over the last quarter. Up 14.29% over the last 12 months. Up 25.72% over the last two years. And up a substantial 34.11% over the last 36 months. Now in comparison, the median home value in Los Angeles is only $840,000. In California, it’s $764,000. And for the entire country, it’s only $336,000. 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 May 2022. Now, remember to like and subscribe and especially share if you find this of value. And please, comment below. I love to answer your real estate questions. I’m here to help.
Now, looking back in April, we had 20 homes for sale in Lomita. Out of those 20 active listings, 11 sold, and we had another six pending. Those 11 that sold ranged from this two-bedroom, one-bath, 810 square foot condo that sold for $430,000 to this 2,438 square foot four-bedroom, three-bath home on a 5,401 square foot lot that sold for $1,150,000. To get an idea of where things are headed, we 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 1.7 months supply right now. That means that if no other new homes came on the market, we’d sell out of homes in about seven weeks. Now, you probably already know this, but we consider anything less than six months a seller’s market. Prices are still going up and sellers have more leverage during the selling process. And on average, homes sell in about 24 days on market right now. But more importantly, half those homes are selling in less than seven days.
Now, I mentioned at the beginning about the changing market. We hear a lot about the killer inflation, exploding interest rates, and the crashing real estate market, but that’s not exactly accurate, at least not right now. Yes, rising inflation and interest rates will erode your purchasing power. Now, if you wanna see more about how much money it’s actually costing you, then check out the other video. I think it’s linked up above on YouTube or down below everywhere else. We are seeing that the COVID buyer surge is cooling down. Price is becoming an issue with buyers, making them much more sensitive to a correctly priced home. We are seeing a few more listings expire without getting sold. That’s kind of new. There’s also fewer offers on homes. But most are still getting multiple offers. And because of pricing in the South Bay here and lower purchasing power, we are seeing less first-time buyers able to afford in the areas that they wanna live in. Now, we as an industry do feel like things are getting back to a little more normal market, but it will still take a little while. Now, as far as the crashing and the exploding and the catastrophes that we see in the news, it’s a little slower than that. Now, keep an eye out for a future video, as I look at the real numbers and talk to some experts about where the market is headed. It’s still a competitive market with prices still going up, homes going for over the asking price, and most homes selling in a relatively short amount of time. But as the market normalizes, it’s becoming more important to price a home correctly and take a little extra effort to make sure your home stands out in the market.
Now, back at the beginning of the video, I also said I’d tell you about some new programs that are great for sellers and buyers. Now, these are lending programs that allow you to use our money to be a super strong cash buyer. For you sellers who also need to buy, if you think one step ahead, you’ll see that this is a super powerful program for you. Now, many people are not selling their homes right now, not because they don’t wanna sell, but because of low inventory, they are afraid to sell and then maybe not be able to find a new place to buy. Or they’re making offers on new homes contingent on selling their old home and losing out to offers that don’t have that contingency clause. Well, this program eliminates all those fears. You make an offer and buy a home in cash using our money. We then sell your current home after you already know that you have a place to move to. This means you can buy your dream home in cash and then without stress, sell and move directly from one home to another. Now, for questions on this or any other programs to help you buy or sell a home, contact me so I can help.
Bye for now.