JUNE-- in Transition        

We are all focused on the national upheaval. We are humbled to realize that progress has not been certain in so many areas of our social and cultural -- even political bearings. Where does this lead?

Surprisingly, amidst all this chaos, Real Estate activity has maintained a solid stance in Los Angeles. The statistics are unexpected -- even to veterans of the industry like myself.

In the prime Westside neighborhoods of LA, from $900k up to $20M for April & May only , 537 new listings hit the market. 152 homes entered escrow and 203 Sold. The activity is occurring primarily in the $1,250,000 up to $3,500,000 price categories.

75% of properties entering escrow were between $1,250-3.5M. Offers trail off noticeably above $5M--only 11% of the 152 new escrows were above $5M. For closed properties Apr & May, only 26 were above $ 5M of 203 closed. The activity Hot Spot is around $3,000,000.

Our team is as busy now as we were in the 4 th quarter of 2019. We are grateful as well as surprised. Luxury listings above $8M are challenged, but there are sales…pricing carefully is the key. Selling prices are hovering at 95% of listed prices. That remains a Seller’s market. How long that lasts is anyone’s guess…