It’s the end of June and I hope you enjoyed the Founder’s Day Celebration.
The real estate market is changing, so hang on a few minutes and find out what that means for you, and how you can protect yourself or make the most of these changes.
Home values here in Lomita, are still going up, but at a slower pace than what we’re used to. With the median estimated home value at $920,000. That’s up 0.91% over the last month. It’s up 6.03% over the last quarter, and up 11.96% over the last 12 months. It’s up 27.98% over the last two years, and it’s up a substantial 34.83% over the last 36 months. In comparison, the median value in Los Angeles is $836,000. In California it’s $760,000. And for the entire country, it’s only $328,000.
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 June, 2022.
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Now, looking back in May, we had 23 homes for sale in Lomita. Out of those 23 active listings, eight sold, and we had another 12 pending. Those eight that sold ranged from this two bedroom, two bath 1062 square foot condo that sold for $470,000, to this 3,273 square foot, five bedroom, four bath home on a 5,429 square foot lot that sold for $1,320,888. 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 months of supply which is up a little at two months supply. That means if no new homes come on the market, we would sell out in about two months. Now, houses are still selling fast, showing that buyer demand is out-stripping supply with an average days on market at nine days, with half those homes selling in less than seven days.
Now, I mentioned at the beginning, the changing market and what that might mean for you. Well, the COVID pandemic buyer surge, it’s starting to slow down a little bit, and rising interest rates and inflation are reducing people’s purchasing power, pricing some out of the market. So we do expect the market to soften a little, as less demand will push homes to sit a little longer on the market. And right now, we are kind of educating our sellers that pricing right and presenting a home properly is becoming more important to attract the most amount of buyers.
But rising inflation is actually a reason to buy a home. A home purchase shields your housing cost against inflation. Rents will continue to rise with inflation, whereas a home mortgage will remain the same and your home will build equity over time.
As far as “market crash” or “bubbles” that we constantly hear about in the media, that doesn’t look like it’s happening right now. We only have to look at the housing shortage, which is kind of at crisis levels, at a time when many millennials are reaching the age when they wanna start considering home purchasing. So that’s likely to keep prices high and demand strong.
Final thoughts, if you’re looking to buy a home, I would definitely recommend you do so, even as the interest rates have gotten a little higher, because we have no reason to believe that home prices will stop appreciating.
Remember, home values going up is only a problem when you’re trying to buy. Once you own that home, it’s a gift.
Now for questions on the market, financial help to purchase a home, or any real estate question contact me so I can help.
Bye for now.