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Third Quarter SFR Median Sold Prices Jump From Last Year

by Craig Whitlock

The MLS just released this heat map which compares the SFR Median Sold Price (that point at which half of the homes sold for a greater amount and half sold for a lesser amount) values between Q3 this year and last for all MLS areas from Malibu to East LA. 

LA Westside SFR Homes For Sale

A full version of this heat map may be downloaded for easier viewing of all details.  This clearly illustrates how pricing continues to climb in most all micro-markets with very few exceptions. 

Before you take your first gasp however, keep in mind that these increases to a large degree reflect the mix of homes (i.e., larger and more expensive) sold and to a lesser degree actual home value.  Take Santa Monica for example which is a very strong SFR market as a whole.  Chances are that for this summer, more homes sold in 90405 (south of Pico) than in 90402 (north of Montana) which would bring down the average. 

Nonetheless, actual market price increases to some extent are a factor and I fully expect that to be the case going well into 2015.  With current finance rates once again near all-time lows, getting a position in the market sooner versus later may well be a wise decision. 

30-Year Fixed Mortgage Rates Fall Below 4 Percent

by Craig Whitlock

The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.96 percent, down twelve basis points from this time last week. The 30-year fixed mortgage rate spiked to 4.30 percent on Wednesday, then hovered around 4.06 percent for most of the week before falling to the current rate.

"Mortgage rates inched up briefly last week on the heels of Friday's stronger than expected jobs report before falling sharply on Monday, hitting 11-week lows," says Erin Lantz, vice president of mortgages at Zillow. "This week, with limited U.S. economic data slated for release, we expect rate movement to remain muted."

Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.

The rate for a 15-year fixed home loan is currently 3.07 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.83 percent.

Purchase Mortgage Application Activity

Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity decreased by 1 percent from the week prior.

Zillow combines loan requests made on Zillow Mortgages last week with the previous week's Mortgage Bankers Association (MBA) Weekly Application Index to predict the MBA's Weekly Application Index for purchase loans, which will be released tomorrow. For more information about this prediction, click here.

For more information, and the current rates for 30-year fixed mortgages by state, click here.

Rising Rents Force Americans To Double-Up

by Craig Whitlock

An increasing number of American adults are moving in together to share expenses as rental rates continue to outpace income, according to a new Zillow analysis.

As of 2012, more than a third (32 percent) of adults live in doubled-up households, or homes where two or more working-aged adults live together but aren’t married or partners. The share of doubled-up households has steadily risen over the past decade, up from 25.4 percent in 2000 and 30.8 percent in 2010.

This rise in doubled-up households coincides with rental prices that are increasingly unaffordable nationwide. Americans making the national median income ($53,216) should currently expect to spend nearly 30 percent of their monthly income on rent, the highest rate ever. Rather than moving to a smaller home or to a less expensive area, many people are choosing to live with roommates.

Large metro areas with the highest share of adults living with roommates include Los Angeles (47.9 percent), Miami (44.5 percent), New York (42.5 percent) and San Diego (39.7 percent).

Not surprisingly, the markets with the largest increases in doubled-up households are also the most expensive places to rent. In San Francisco, for example, the median rent payment went from 25 percent of income in 2000 to 40 percent in 2012, while doubled-up households increased from 25 percent to 39 percent over the same period.

To learn more about how rent affordability is affecting markets nationwide, visit Zillow Research.

LA Westside Sales Highlights - September 2014

by Craig Whitlock

This report will provide a quick overview as to how the Westside micro-markets are currently performing and then compares that data to the same period a year ago. The key market indicators are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'. This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount. This indicator pinpoints where in the price spectrum homes have sold rather than reflecting home value. There is a common misperception that a drop in the MSP directly indicates a drop in home value. It is far more likely that the drop indicates either smaller, older and/or homes in lower-priced areas have sold during the period.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing. Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

LA Westside Sales Highlights - September 2014 Information not guaranteed. © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view a portfolio of four additional reports trended over the past 12 months: Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, visit the Market Sales Data section. If you have any questions or would like to discuss this data at greater length, just drop me a note or call.

Displaying blog entries 1-4 of 4

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Craig Whitlock
COLDWELL BANKER BRENTWOOD
11661 San Vicente Blvd., 10th Floor
Los Angeles CA 90049
Mobile: (310) 488-4399
Fax: (310) 820-1457

Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or features of properties provided by the seller or obtained from Public Records or other sources as presented in this website.  Interested parties are advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals.  Information herein deemed reliable but not guaranteed.

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