Charles Renn, Realtor

I don't often vacation at an all-inclusive, but when I do it's with the wifey in the DR♥️🇩🇴💙

Local data is the most important when considering your time to buy or sell real estate. These lines indicate the average sales prices through April 2023 for residential properties in these 4 area of Los Angeles County.

Do you see prices dropping consistenly over the last 6 months?

Most of these areas have increased over the last 3 years, and two of the four are higher than April 2022. If you'd like more specific data, as your local realtor. If you don't have one, I'm here to help!

Merry Christmas to my clients finding a solid offer on their beautifully remodeled home in Monterey Park! It took patience and implementing a few different strategies, but they are well on their way to selling this one.

📍

Market Monday: *Inventory: Months Supply" - months supply essential shows us how long, in each market, will it take to sell all the homes in that market given the demand. In this case for Pasadena, San Pedro, and Whittier, all three levels are nearly at pre-pandemic levels (Pasadena is still considerably lower). Furthermore, inventory levels below 4 months are considered to be a lack of inventory (a factor keeping prices high). where 6 months inventory is an equilibrium level.

November Market Update: **Prices** In the graph you see median prices for Los Angeles(grey), Pasadena(blue), and Long Beach(red) over the last 3 years. We hit a peak around May 2022, and you're seeing a steady correction since. Note that prices aren't necessarily coming down month-to-month, and they are still higher than 12 months ago. With rates coming down over the last week or so, what do you think will happen to prices going forward?

Market Mondays: *Days on Market* refers to the number of days a property has been listed on the market. In the height of the market in the last 2 years, this number was under 10 days! As of the end of October, that has nearly doubled up to 20 days.

Los Angeles: 22 days (over 50% increase from 2021)
Monrovia: 18 days (50%)
San Pedro: 18 days (125%)
Santa Monica: 18 days (12%)

What does this mean?

Buyers are being more selective and taking their time to write offers. Looking at this metric alone, it says the market still leans in favor of the seller. Once we get closer to 30-45+ days on market, will the market favor the buyer.

Which markets are you interested in?
https://crmls.stats.10kresearch.com/infoserv/s-v1/Mi77-m3f


The David Greene Team
Lindsey Iskierka Realtor- The David Greene Team
BiggerPockets
Pacific West Association of REALTORS®

Median Days on Market for Los Angeles City and more

Market Mondays: Take a look at a few SoCal markets and their sales prices over the last few years. As you can see, in general, prices were climbing until the middle of this year. If you look a little closer, you'll also notice markets like Monterey Park and San Pedro, prices went up last month. It's important to understand not only the larger picture, but also the local level.

Who do you know that is interested in these markets?

*Entire MLS = all of CA
The David Greene Team
Lindsey Iskierka Realtor- The David Greene Team

Median Sales Price for Entire MLS and more

Market Monday's: Take a look at 4 markets in SoCal and inventory (or month's supply). Under 4 months supply is considered a sellers market. Trends are moving higher to a more neutral market.

What do you think?

crmls.stats.10kresearch.com

Congrats to our client who closed escrow on a single family home in Downey with a converted garage and option to build out into an ADU!

He knew what he wanted and jumped at this opportunity. Even in this market the number can work.

The opportunity to work with great people makes this job a lot easier. This lovely home is currently under contract. My clients have found a gem of a home at a great deal, over $100k under original list price!

This West Hills home was recently updated with a permitted 2 story ADU in the neighborhood of great schools. Great for a large family or house hacker looking to rent out the adu to pay down their mortgage.

23025 Cohasset St.
Asking $1,098,000
4/2 w 1bd/1bth ADU
2224sqft living space
*seller will pay down the buyers interest rate

🧮 w/10% down, rent out the ADU, and pay about $4,750 toward your mortgage.

🧮w/25% down, rent out both house and ADU and get close to breaking even on the mortgage.