Summer Deep!
Welcome to August ’21. Los Angeles is in full summer stride now, with the true heat of the season. The only setback is the return of masking indoors in public spaces, but this city has endured quite a bit this past year-- so we will make it through this final process in order to keep public safety in check.
Do current real estate headlines make any sense? There is plenty of confusion -- are prices & activity going UP? Or DOWN? BOTH! Depending on which articles you read, there are conflicting indications.
Zillow reports Inventory rose 3%, indicating slight slowdown and market balancing. Still, Zillow also predicts prices may rise up to 13% across the nation-- slower than last year’s rate, but certainly not a retraction. LA Times reports 2nd Quarter sales volume dropped 12.1% in LA. A report from Inman News states, “Last week seems to have been the week everyone decided the real estate frenzy of the last year is over”.
Property price tuned to the specific neighborhood pulse is the determining factor in that property’s market progression or slide during this current cycle. Some seller prices are going up, others must come down in order for buyers to transact. It’s that simple. The price brings the attraction.
Our team is proud to have closed the highest recorded sales price in San Marino history for the USC president’s mansion in Pasadena vicinity at $25M. We are pushing past last year’s record volume for our team and believe this is the best time for both Sellers and Buyers. We are hoping this solid market stance remains with us as long as possible. Enjoy your remaining Summer and we’ll see you in the Fall!
-Ernie
