Q3 Market Update
- When I compare home sales using the MLS for my main markets (Beverly Hills, Beverly Hills Post Office, Hollywood Hills, West Hollywood, Bel Air / Holmby Hills, Westwood / Century City, Brentwood, Santa Monica, Pacific Palisades & Malibu)
- For the periods of Q3 2024 vs Q3 2023
- We can see transactions have remained fairly stable:
- Number of houses sold in Q3 2024 was 470 vs 461 in Q3 2023, an increase of 2%
- We can see an increase in sales price and decrease in price per sq ft:
- Median sales price in Q3 2024 was $3,332,500 vs $3,250,000 in Q3 2023, an increase of 3%
- Average sales price per sq ft in Q3 2024 was $1,387 vs $1,423 in Q3 2023, a decrease of 3%
- And a notable increase in the time it takes to sell:
- Average days on market in Q3 2024 was 48 vs 41 in Q3 2023, an increase of 17%
- The highest home value sold in Q3 2024 was $92.8m vs $36.75m in Q3 2023
- Although transactions are up 2% on last year, we may have expected a larger increase especially since interest rates have been decreasing. This was the case when I compared the Q2 data (in newsletter dated 07.05.2024) transactions were up 16% on last year and prices were up slightly
- However, I believe some buyers were holding back this quarter in anticipation of the Fed interest rate cut in September. Since I have been seeing an increase in buyer enquires in the past few weeks!
- In addition, some clients are choosing to wait until after the election to buy / sell. As can be seen in previous election years, the housing market tends to slow down prior to an election
- We remain in a very price sensitive market, houses that are priced well are going under contract quickly, especially in the price range below $5.0m. We are also starting to see an increase in inventory especially following the summer months as Q4 is off to a busy start!
