Southern California Median Sales Price rises 4 months in a row
This has been an unforgettable year, and we have less than 2 months remaining. We’ve also just ended a historic week for our national election that will not be soon forgotten. Unprecedented times.
If you’re looking for optimistic news --- look to residential Real Estate in Los Angeles and across Southern California. We have just seen the Median Sales Price rise to all-time highs for the 4th month in a row. That translates to 15.3% increase year over year.
Does that mean that every house has risen in value 15%? Unfortunately, no. What it does reflect is that the volume of higher priced homes that have sold this year has been higher than in previous years. Luxury Buyers & Sellers have been migrating/ moving up/moving away/moving here.
California now holds 67% of the nation’s highest priced Zip Codes. Isn’t that 2/3 of the nation’s luxury market? Forgive me, but let’s take a pause and be grateful for our home ownership here in Los Angeles.
My Cabana Series short videos, released every Saturday, have caused many people to check in with me to inquire further on what we’re talking about. It’s the reality of what I’m experiencing in LA real estate with guidelines for navigating the challenges and tips for getting ahead of the game. This week I welcome my 1st guest, veteran team agent Chris Pickett- a real Veteran of our Naval military force and a true veteran of luxury real estate right here in Beverly Hills. Please join us for the brief chat -- There is a refreshing surprise, that I won’t scoop here!
-Ernie
