The BHAUS EIGHT May 2024 Newsletter

Hello community,

And just like that, summer has arrived! While we are in the middle of “June gloom” across the South Bay beach cities, the summer, sun, beach, and sand vibes are already all over the place! Downtowns are filling up with locals and tourists, the beach was packed over Memorial Day, and schools are getting ready for graduations and summer time off! I know at least in our home, our countdown started a couple of weeks ago!

This summer we are excited to bring you our BHAUS EIGHT Summer Series, short readings about international and local travel, that will give you ideas for quick or longer getaways. Stay tuned for our BHAUS Summer Series along with gorgeous photography to inspire!

Local June #southbay happenings:

• Begg pool kickoff party: 6/15, 10am-12pm (free admission)

  Address: 1402 N Peck Ave

• Juneteenth Ceremony: 6/19, 10am-11am (free admission)

  Bruce’s Beach Park (2600 Highland Ave, MB)

• Juneteenth Concert: 6/21, 11am-3pm

  Pollywog Park (1601 Manhattan Beach Blvd)

• Concerts in the Park: 6/30 - 9/1 See below for a list of bands:

  https://www.manhattanbeach.gov/departments/parks-and-recreation/cultural-arts/concerts/concerts-in-the-park-bands

In this month’s newsletter…

• BHAUS EIGHT Properties showcases our new listings across our markets

• The Southbay Real Estate section has the latest local stats and trends, giving you all the info needed to get your home on the market

• Home Stats by City

• The Economy & Mortgage News has the latest updates on inflation, consumer spending, and up-to-date mortgage rates.

  Have you followed us yet? make sure you are following us on Instagram and/or Facebook to get updates that are not sent to our mailing list! These updates include Open Houses, quick stats, inspiration for your home and your travels, as well as our exciting house viewings!

SouthBay Real Estate.

Average home prices across the Southbay cities and property types (SFRs, Condos, Townhomes) were at $1.3MM, a slight -6.5% drop vs last year and an ever so slight drop vs last month. Median price was up +7.6% at $960K, but slightly dropped vs last month as well.

We saw some improvement in the # of New listings coming on the market, with a total of 426 listings making up an increase of 1.7% vs last year, while Closed sales of 349 represented an increase of 25%.

As we move into the Summer selling season, days on market dropped to 11 (-8.3% vs last year), although slightly up from an average of 9 DOM last month. Overall, we see that if properties are priced correctly, they are selling at or above listing price, with some markets hotter than others.

Redondo Beach North and South Villa areas, as well as the Hollywood Riviera, where you see a lot of SFRs or 2 on a lot, are very sought after at the moment, with properties lasting only a few days and coming in with multiple offers. If you live in these areas and are looking at your options, Bhaus Eight has a comprehensive list of properties that have sold and are on the market, along with pricing and concessions - give us a call to view and look closely at selling now or in the near future!

See below on Southbay housing stats by city.

Home Stats by City.

Economy & Mortgage News.

Inflation and elevated interest rates continue to create challenges in the real estate market in the near term, however according to C.A.R. research, a couple of recent reports are very encouraging for the California RE market. For one, there is an anticipated increase in statewide population in the coming years (after 3 years of population decline, California has bounced back and experience positive growth in 2023), and another one shows the strong desire for many current renters to buy property in the near future. With both of these reports combined, we could be looking at an even higher demand in the next few years. If you are looking to buy, whether investment property or a personal property, there is no better time to start planning than today.

The areas of most population growth in California seem to be in the Bay Area (NoCal), Central Valley, and the Inland Empire (SoCal). According to C.A.R. research, the state has been adding more housing units, including ADUs, which permits have been somewhat easier to get from municipal authorities.

While many buyers are still unsure of when is the best time to purchase a home, they are settling into the new normal of higher interest rates and show a desire to buy at least in the next 5 years, according to BofA Homebuyer Insights Report.

In economy news, the Federal Reserve has reiterated in the last few chats, that the central bank will not be cutting rates until they can insure inflation is down to its target rate of 2%. Analysts are still hopeful that rates will start coming down towards the end of 2024, with mortgage rates following the trend.

Current mortgage rates for a conforming 30-year loan are roughly around 6.625%, a slight drop vs a few days ago. A 30-year rate for jumbo loans fall around 7%.

If you are a homeowner looking to sell now or in the near future, give us a call so we can give you the most up-to-date stats, pricing advice, and the most targeted marketing plan for your particular property!

Contact your BHAUS EIGHT team with any comments or questions!

To subscribe to our weekly emails of investor opportunities and our digital newsletter, please email Sonia directly at Sonia@bhauseight.com

From BHAUS to yours.