April 1st! We are definitely feeling the Spring Fever here in the Los Angeles Westside markets. We believe the heaviest winter rains in recent memory are behind us now and many of our clients have learned whether they have a roof leak or not. As we open April, activity levels differ depending on price category and specific neighborhoods.
- The high-end Luxury Market above $10 Million continues to register some historic high sales per square foot and price point.
- The Executive Luxury Market which covers price points ranging from $4 Million up to $10 Million sees a continued shortage of inventory which explains why a well priced home in this range will receive multiple offers and stay on market less than 30 days. Overpriced homes in this category will continue to languish, though, because Buyers have become knowledgeable on market price averages per square foot and price point due to their independent research on public sites such as Zillow or Redfin. An overpriced home doesn’t fool anyone, even the international Buyer.
- The Mid Market sector for price points ranging from $2 Million to $4 Million is nearly picked clean of good inventory. Buyers in this category face frustration with difficulty in finding move-in condition homes needing no cosmetic or restorative work, across all Westside neighborhoods.
- The First Time Buyer and Entry Market from $800,000 up to $2 Million is red hot. Multiple offers are received by virtually any home fairly priced. It is common for homes in this category to receive 5 or 6 offers within the first week of market time.
Happy April Shopping!
-Ernie
