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I am quite excited for the next couple of weeks. Why you say? Well, Friday is the final day of the third quarter and there will be some juicy data to cover beginning next week. What will inventory levels look like? Will price growth decelerate dramatically thanks to interest rates above 6%? Are sales shifting in a meaningful way? These will be important questions to answer. I will be sharing insight on my Instagram and podcast in the coming weeks if you’d like to follow along. You can expect to find a deep dive into quarterly numbers, affordability, and happenings throughout the South Bay home market. Today’s blog is going to cover a small, yet strongly
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Another Labor Day Weekend is on the books – school is in full swing, summer vacations are concluded, and football is BACK! We now unofficially begin the fall selling season after what seems to have been a sleepy summer. For the most part, we seem to be back to traditional seasonality. Contrary to popular belief, summer is not a hot time to sell. In the South Bay and southern California, spring is residential real estate’s busiest time, followed by a summer lull, and then picking up again in the fall. The past two years, thanks to the Coronavirus, seasonality was thrown off and summer was a busy time – so was fall, winter and spring in
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The California Association of Realtors (C.A.R) quietly announced their latest Q2 dataset of housing affordability numbers this month and the results were a little scary. As many readers know, I have been committed to covering C.A.R.’s Housing Affordability Index (HAI) results each quarter because of its unique calculations that help forecast where California home prices may go. Never before have we seen a recession brought on by a pandemic that then fueled a housing boom, thanks mostly to historically low interest rates and partly due to changing buyer needs with remote work. Now fast forward two years, the main driver of demand – interest rates – have essentially doubled in cost. Additionally, buyers are going back
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New construction homes can be tough to come by these days. Inflated building costs and extended building timelines have yielded fewer options, along with the fact that two to two and a half years ago, builders put spec buying and building on hold during the beginning of the Coronavirus pandemic. As a result, it seems there are little new construction options to go around – not to mention, low interest rates in early 2022 fueled buyers to gobble up already squeezed inventory for new homes. Today, it is tough to find fairly priced new construction in this shifting market. For this week’s blog, I want to share new construction listings in two different submarkets: East Manhattan
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If you look at the South Bay July home data, it is sitting at record high median prices on a rolling 12-month average. The past two years have been breathtaking when it comes to price growth, demand, and lack of supply – and the July numbers illustrate the results of that home buying frenzy. With all that said, record price after record price does not last forever. If you read my blog post a few weeks ago, South Bay July Home Data Gives a Glimpse into the Shifting Market, you will see record high median prices but with undercurrents of how the market may be shifting. While South Bay properties selling at a loss are a
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The local South Bay real estate market is in such an interesting position this summer. There is a dichotomy facing buyers and sellers, full of mixed signals, making it hard to figure the market’s near-term direction. On the positive side, we see strength in the home market with ultra-low inventory, few (if any) distressed sales, and record high prices. On the negative side, we see weakness in the home market with low affordability, high interest rates, and a huge drop in pending sales. What is a buyer to do with these signals to mitigate their risk? It is really a tough call – especially if you are a first-time home buyer. If high interest rates are
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The thick marine layer hugging our South Bay beaches the past two months might have some of you forgetting it’s summer and that might be a perfect metaphor for the current state of our local housing market. If the South Bay housing market was a season, it is shaping up to be a cool, cool summer. The scorching hot market of the past two years is finally cooling off. With the conclusion of July comes a nice batch of new numbers to study. While I typically do not write about numbers for just one month, I do think it is prudent to study and share this past July action. I have covered five cities with the
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If you read my Q2 South Bay home market blog earlier this month, then you know lower home prices are not showing up in the South Bay data just yet. I made a point in that post that a slow rise in inventory, higher interest rates, and tough comps might take a few quarters to reflect in prices – it is still early for the South Bay. This week, I wanted to review the results of some quick deals at lower prices in our local home markets. You might ask, how do you define a quick deal? In the second half of 2020 through early 2022, a quick deal meant hundreds of buyers through a home,
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A North Redondo neighborhood pocket that I always enjoy writing about is Golden Hills’ “Tall & Skinny” home market dynamics. Since the inception of my weekly blog in late 2015, I liked to check-in on “tall & skinnys” every six to 12 months because I thought it was a great barometer for entry-level beach homes that were easily comparable. Thanks to the sensational home market moves in the South Bay due to the pandemic, I have only been able to cover Golden Hills’ latest market happenings once in the past three years. That ends this week. If you are a longtime reader then you will know that over the past decade, this specific “tall & skinny”
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It has been another one of those busy weeks that happen from time to time in this real estate business. Rather than miss a blog post like I have in the past, I am going to make this post a little self-serving to highlight our clients’ new listings and share what we are working on right now. Next week, we’ll get back to a market-based blog post…and, oh by the way, I have a new podcast dropping next week as well. I hope our avid listeners like it! Not only was I fortunate enough to open escrow on a Manhattan Beach Tree Section home on behalf of our buyer clients this week, but we also brought
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