The Trendline – Westchester – April 2021
The MLS dropped its March listings data last week and I'm seeing a continuation of the super-tight inventory situation in Westchester 90045. Trendline says → extremely strong sellers' market continues.
Westchester home owners have not been wanting to move, but a few more listings are starting to hit the market. While new listings are up slightly, we are still in an extreme "sellers' market" scenario with only 1.6 months of inventory available. This means that if nothing else came on the market, we would run out of listings to sell in 1.6 months.
It's nice to see the new listings statistic trending up because we really need more inventory! It is almost Spring and our pandemic restrictions are about loosen dramatically. As word gets out about the crazy prices sellers are getting in Westchester, I expect more sellers to list.
Listings are still flying off the market as fast they become available. This is proof there are many more buyers in the market than sellers. Median days on market dropped to 10 days. 😮
The median price dropped by a hair, and this could be attributed to the mix of properties on the market last month. I saw more low-end properties on the market last month, but more recently I've seen prices and the quality of listings improving. I expect to see prices up again when we get the new data at the end of the month.
So what up, Westchester?? Home owners have been reluctant to sell -- in a big way. That is loosening, but not by much. Mortgage rates remain historically low and there are still tons of buyers vying for not so many listings.
The post-COVID school situation has been in flux and very distracting for families in Westchester. This could be impacting their reluctance to pick up and move. But it's Springtime and historically home owners start to think about selling in the Spring.
Also, there is a good amount of housing stock in Westchester held by older owners who might be more motivated to move now with the recent passage of Prop 19, which allows them to take their low tax basis to another CA property. The provisions just kicked in April 1st for the 55+ crowd.
Westchester CA 90045 Home Sellers
What does this trendline mean for Westchester home sellers? Despite a few more listings starting to hit the market, we are still in a situation where your home will likely be snapped up if listed right now.
Think you will make more money if you undertake costly renovations first? Maybe not. I'm still seeing crazy prices paid for fixers. The other reason not to renovate is the time it will take. Right this minute, with so few other sellers on the market, is your chance to get the highest price for your property.
As more sellers list over time, there will be more choices for buyers and prices will soften. That means you might not get your expected return on any renovation investment.
get your 30-second westchester home valuation
Westchester CA 90045 Home Buyers
If you’re a Westchester home buyer, it continues to be tricky for you. You need an extra experienced local agent who has a local network for scouting off-market or coming soon listings, so you can get in early and hopefully scoop up a great property without getting into a bidding war.
Pro tip #1 for Westchester home buyers: don’t use the listing agent to submit your offer. That agent will not be super motivated to support your best interests. You will likely be one of multiple buyers they represent on the property. You want an advocate who will fight for you and somebody who knows what questions to ask to help you craft an offer that will stand out and succeed.
Pro tip #2 for Westchester home buyers: you definitely will want to have your lender pre-approval in hand and you’ll need to pack your patience and maybe even consider adjacent areas. Definitely don’t expect much in the way of concessions for repairs.
GET TEXT ALERTS FOR OFF-MARKET OPPORTUNITIES
Want To Talk?
All graphs presented herein show data for the last five years on a rolling 12-month average to smooth the bumps. The data shown is also for single-family homes. If you want condo or combined data for Westchester 90045, or custom graphs for other areas, just ask!
TEXT TRACY ON FACEBOOK WITH QUESTIONS
This post also supports our “Buyer’s Edge” series, content designed to give real estate buyers in Silicon Beach an edge in a competitive residential real estate market. Read more about our full Buyer’s Edge program on our website. Want help buying real estate in Silicon Beach? Contact us, grab time on our calendar or read more Buyer Edge articles. Need help beyond Silicon Beach? Reach out and let us help you find a high caliber agent with hyperlocal expertise in that area.