BHAUS EIGHT November 2022 Newsletter

Hello community,

November is here! I can’t believe the holiday season is upon us, and we are so looking forward to spending time with our family and friends! Of course, we can hardly wait to get up on the slopes this winter season! Mammoth has already been getting a lot of snow, and we are hoping the season will only get better.

Thanksgiving Day is only a few days away, and we hope you have lots of things to be thankful for. At BHAUS, we are grateful that we are building an amazing community of clients and friends and would like to take this opportunity to THANK YOU for being part of our BHAUS community.

BHAUS EIGHT Properties:

SouthBay Real Estate.

Southbay market average home prices had a slight jump in October versus the previous month (+5%) and versus last year (+3.6%). While there was good news on home values, the # of sold listings went down by 8%, and the DOM went up by 8% versus last month. Although these last 2 indicators point towards a slowdown in the market, the fact that inventory remained below last year’s level (-16%) has helped with the continued increase of home values, albeit with a narrower margin compared to previous periods.

Most Southbay cities we report on had average home values that increased versus last year, except for Manhattan Beach (which saw a decrease of 9%), Lawndale (with a decrease of 4%), and Rolling Hills Estates (with a decrease of 44% - this is a high % due mostly to outliers and the type of properties being sold).

Home Stats by City.

Below are the snapshots of average home prices, # Sold listings, DOM, # New listings by city, inclusive of all types of properties (ie: Single Family Residences, condos, townhomes) compared to October of last year.

Economy & Mortgage News.

With the Fed tightening monetary policy again in November to fight inflation, mortgage rates climbed back up to 7.08% on a 30-year fixed rate mortgage, versus a slight dip at 6.95% the previous week.

The good news is that inflation downshift continues in the right direction. Even though the CPI (Consumer Price Index) rose in October by 0.4% from the month prior, price pressures signaled signs of cooling off. According to C.A.R. research, the CPI (which measures the typical basket of goods and services), grew at the smallest pace year over year. So while you may not be feeling the easing of prices yet, indicators are moving in the direction we all want them to move.

Investor Corner.

There is good news for our investor community. According to the latest Housing Trends report by the National Association of Home Builders, 59% of prospective buyers in the 3rd quarter of 2022 have moved to an active search for a home to purchase, representing an increase of 49% from the previous quarter Q222. While all regions have experienced an increase, the West coast has the largest share of 68%.

We continuously see good deals coming on the market all throughout the Southbay. Many of them are in need of aesthetic upgrades, others may need a little more TLC, but there is always something for every type of investor.

If you would like to receive investor opportunities, please email us directly to get on the list.

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.