The BHAUS EIGHT June 2024 Newsletter

Hello community,

I don’t know about you, but we are loving this weather! I know it’s hot, very hot at times, but after a few weeks of June gloom and cold days, these hot summer days is just what we needed to start enjoying our beach days!

Yours truly just returned from some R&R in Cabo San Lucas. Just a short 2-hr flight away, it does feel like home away from home, so close, yet so far away! We spent 5 glorious relaxing days in Nobu Los Cabos, a fantastic property with amazing amenities… more to come on our first edition of this summer’s Bhaus Eight Summer Series - stay tuned!

Local Summer #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

4th of July Fireworks & Events:

• 29th Annual Village Runner Independence Day 5K

• King Harbor Fireworks are back: @9PM in Redondo Waterfront

• El Segundo Fireworks: @Recreation Park t/o the day

• 4th of July Begg Pool Party Celebration: @Begg Poll 10am-2pm

• Salut to the Troops Picnic and Concert: 6/30/24, @ Polliwog Park Amphitheater 5pm - 7pm

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.

Overall median prices across property types (SFRs, Condos, Townhomes) in the Southbay went slightly up vs a year ago, while average prices went slightly down. Some price points are still very hot and great opportunities are getting multiple offers.

As we move forward in this Summer Season, buyer demand is still strong and inventory continues to be an issue, further contributing to the home prices remaining steady.

Average home prices across the Southbay cities and property types (SFRs, Condos, Townhomes) were at $1.4MM, a slight -3.9% drop vs LY. Median price of $968K on the other hand was up +3% vs LY at the end of May.

The Southbay had -3.9% fewer new listings as well vs a year ago, but sales continued with Days on Market going down to 28, a drop of -15% vs a year ago.

Sellers with a lot of home equity are in a great position to sell now and buy the next property cash or with a very low mortgage amount. This option opens the possibility to move in order to trade up to a larger space, smaller space, or a completely different area overall.

The second home market is still thriving, and we have great partners that we work with in Mammoth Lakes. Give us a call if you are looking to review your options!

See below on Southbay housing stats by city.

Home Stats by City.

Economy & Mortgage News.

Mortgage rates remain somewhat volatile, while a decline in inflation is slowing down. Despite it, the Fed is still expected to cut rates later this year at a somewhat more moderate pace than previously expected, hence lifting market sentiment and creating opportunities for would-be sellers and buyers to re-enter the market.

According to C.A.R. research, retail sales show the economy is slowing a bit. Consumers spent less than expected for second month in a row, although we still see a sales growth year over year.

In California, home prices continue to climb up, According to C.A.R. research, the statewide median prices went up 0.4% from April, and 8.7% year over year growth. The median price was at $908,040, a new high for California.

Mortgage rates are now below 7%. As of 6/28/2024, a conforming 30-year fixed interest rate was at around 6.5%, while a jumbo 30-year fixed rate was at 6.625%

If you are looking into what options you may have, give us a call! We’re always happy to meet with our community to give them all options and ideas to continue growing generational wealth.

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.