THE SKINNY ON THE WESTSIDE MARKET: Still in the seller’s favor however higher-end listings in most micro markets are sitting despite low inventory and strong LA economy
Over the past few weeks I have participated in a few realtor networking groups and spoken with fellow top producing agents to get a gauge on the market. The general consensus, with very few exceptions, is the entry to mid-level range in each micro area (ex: North of Montana in Santa Monica, North of Venice in Mar Vista, Huntington Palisades, etc) is soliciting multiple offers and continuing to push home values higher in that range. On the flip side, the higher-end properties in these same areas are experiencing a slow-down and sitting on the market longer, with the volume of interested buyers much less than what it was six months ago.
It is also important to note that we typically hit a bit of a sales lull as we head into the holidays. We experienced it last year but it started picking up again in December…so will see if that pattern repeats itself for the higher end properties. The entry and mid-level properties aren’t showing signs of a slow-down.
Myers Research felt the impact of any national or international economic hiccups would be minimal on Westside real estate. The major concern when it comes to future appreciation would ultimately be affordability ceilings, which they are seeing becoming a problem in San Francisco, a market they feel is “over-heated.”
They failed to address what the impact would be on the Westside if the technology sector had major issues in 2017.