As of March 31st, 2020, 59 single-family Palisades residences were listed in the Multiple Listing Service (M.L.S.). The current level of inventory is 37% lower than last year’s March 31st available inventory.
As of February 29th, there were 85 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is almost unchanged since last year at this time. So far this year 19 Palisades homes have sold, which is 58% more than last year’s first 2 months. There are currently 38 Palisades homes in escrow.
In reality, real estate is an investment. Like any investment, there are good times and bad times to sell. When it’s a bad time to sell, it’s usually a good time to buy, and vice versa. Buying a home isn’t a handshake deal.
As of January 31st, there were 82 single-family Palisades residences listed in the Multiple Listing Service (M.L.S.), which is just 2% higher than the start of 2019.
Over the last several years we have written about “deal breakers” that have often come up during the sale and/or purchase process. During the last two years, the transactions have mostly been challenged through the loan and appraisal process, even though loans are finally more available than they had been for more than a year.
For several months, the Westside real estate market has experienced a steady recovery with both average list and sales prices increasing by more than 4%.
Investors have become a significant factor in the current market environment. Investors generally have fewer contingencies and shorter time periods for processing the escrow. Therefore, they have traditionally closed escrows with fewer complications though having generally paid less for the property.
The fuel for this steady recovery has been continued artificially low interest rates which has made purchases more affordable for everyone, combined with a lag in the homes being made available for sale at a rate equal to the steady and strong demand.
©2021 The Edlen Team / Coldwell Banker, 15101 Sunset Boulevard, Pacific Palisades, CA 90272 / CalRE 00902158
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