I got an email from redfin with El Segundo’s Demand Pulse. The stats are enough to scare anyone but let’s take it with a grain of salt. A month of sales does not make a trend. Looking at just 30 days and comparing to the previous isn’t a fair assessment. Comparing January to December? A nice warm March to February? You get my drift.
In March, the median list price for homes in zip code 90245 was $1,048,500, up 5.1% from February, when it was $998,000. Want to know more? See all homes for sale and more local data on Redfin.
Market Trends in 90245
Median listing price: $1,048,500, up 5.1% from February
Median listing price per square foot: $577, up 0.3% from February
Median sale price-to-list price ratio: 99.3%
Number of active listings: 42
Could you imagine if prices really ramped up 5% each month? That’s a 71% annual increase! So don’t let stats scare you into making a rash decision.
Like I mentioned in my last post, we have seen the price of a crappy tear-down increase significantly. I’d say ~20% increase in the past 12 months. The demand for nice livable homes in El Segundo is off the charts. In our search for a home that lasted over 15 months there wasn’t any one house we loved. They were either total garbage or livable with some concessions. Concessions being $100-$175k in improvements. Yes, please sign me up for a million dollar purchase that I don’t really like and/or will take and extra $100,000 to make nice! And by a million I mean $1.1 – $1.2 million.
If the economy is doing so great why do people feel cash poor? Why are people worried about the cost of their healthcare, higher education? Why are we seeing so many retailer going bankrupt?
Maybe this time it’s different.