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National Market Conditions
2017 2nd Quarter Market Report: Home Sales Stall but Prices Rise

The 2nd quarter of 2017 ended on a down note with pending home sales dropping for three straight months. However home prices continue to rise at a rapid pace with median home prices up 6.2% year over year. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was how fast the homes were selling. Our survey showed that in 70% of the markets surveyed homes sold in under 60 days compared to 53% in 2nd quarter 2016, resulting in a whopping 17% increase. Additionally we found that 84% of the markets reported a tight to very tight supply of homes compared to 66% last year...another whopping 18% increase. The tight supply of inventory is causing homes prices to rise with 91% of all markets surveyed reported price appreciation. 34% of the markets reported appreciation over 5% and another 27% reported appreciation in excess of 10%.

According the National association of Realtors (NAR) existing home prices were up 6.2% over last year. The inventory of unsold homes is at a 4.6 month supply and 54% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in buyer activity is significantly higher than seller activity. Our Realtors reported increasing buyer activity in 89% of the markets - up 15% from last quarter and 5% over last year. However seller activity increased in only 49% of the markets - down 9% from last year and up 5% over last quarter.

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Fall 2017 Market Update
Now is an exceptional time to buy a home in Culver City. Low interest rates with steady home prices makes a perfect combination for buying a home! Call for more information 310-735-7970, or email Lori@LoriWayne.com for additional details.
Average Sold Home Price: $750,000

Average Time on Market: 10-30 days

Best Selling Price Range: $750,000 - $799,000

Existing Home Prices for the past 90 days: No Change

Market Trend: Decreasing

Buyer's or Seller's Market: More buyers than sellers

Buyer Activity for the past 90 days: Decreasing

Seller Activity for the past 90 days: No Change

Multiple Offers? Yes

Multiple Offers Commentary: Multiple Offers seems a common occurrence in most ’Hot’ real estate markets. A buyers best competitive advantage is to act quickly when they encounter a home they really like and to be realistic about the numbers when submitting an offer.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 5-10%

Is Financing Available For Qualified Buyers? Yes

Comments on Financing For Qualified Buyers: Qualified buyers can still take advantage of low interest rates.

Housing Inventory: Limited Supply

Greatest Activity: Repeat Buyers

Best reason to buy or sell: New Industries

Nearest Metro Area: Los Angeles

Housing Hot Spots: Most cities within the Los Angeles County area are considered ’Housing Hotspots’, however Culver City’s location within the West LA corridor makes it equally a housing

Average Sold Home Price: $750,000

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15 year fixed rate: 2.97%
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(Because current market conditions can change rapidly in any given marketplace,
please check with Top Agent for current Culver City, CA market conditions before acting on this information.)
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