The BHAUS EIGHT March 2024 Newsletter

Hello community,

Happy March! Spring is almost upon us, although we are still enjoying some rains here and there! Are you getting ready for Spring break? if so, we’d love to hear where you are going so drop us a line! We are always in the mood for traveling to new places!

At home we usually go skiing for Spring break, although as of last year, we started trying a more tropical location.. so stay tuned as we come back with our travel blog in May to find out where we are off to this year!

In Real Estate news, the market continues a little crazy. Homes of a certain price range (under $1MM) are flying off the street with multiple offers in the Southbay, and fixers are very coveted. Spring selling season has not started yet, but we are experiencing the continued supply and demand dynamics playing out in this market, which will only intensify when Spring selling season begins.

The best advice we can give you today is to make sure you follow the market, to be well-informed with data-driven stats, not hearsay. This is the only way you will be competitive in this market and be able to get the house of your dreams.

Southbay Local Happenings:

• 18-Month MB stormwater infiltration project on MB Ave between 26th/28th

  • Project could close two blocks of MB Avenue for more than a year (the project is to be completed along MB Ave between 26th and 28th streets). While it will be a great inconvenience for residents, the project is intended to reduce bacterial discharges, trash, and debris due to current system, enhance beach conditions and environment for marine life, and improve overall water quality at the city’s beach and the Santa Monica Bay. Stay tuned to find out more about the project timeline.

• Sunday, 5/31: Queen of the Southbay~

  • Come to El Porto and support the women’s surf contest!

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 Southbay cities and property types have been ondulating up and down ever so slightly. Last month, average prices increased to $1.345MM, roughly 24% vs a year ago (Median Price was also up by roughly 16%, $985K).

Months supply is holding at about 2, same as last year around this time, while the average Days on Market dropped to 33 days, a drop of -23% vs a year ago. This is mostly due to the supply and demand unbalance, as there are less properties for sale, yet more demand, buyers are staying competitive by reducing the escrow and contingency periods (and may times by purchasing a home cash).

New listings remain relatively flat to last year, with 334 new listings coming into the market across Southbay cities and property types, while closed sales jumped up by 18% vs a year ago (buyer desire to buy has not slowed down). Nearly 97% of all sales have closed at original asking price or higher.

With the stats above, it is no secret that the Spring selling season will be one exciting season to embark on. With the right staging, pricing, and marketing, BHAUS EIGHT will create the excitement around your property that you need to sell fast and move on to the next. If you are thinking of listing your home now or in the future, call us to start working on a marketing strategy that best fits your property! #sellers

See below on Southbay housing stats by city.

Home Stats by City.

Economy & Mortgage News.

Our economy continues to show resilience, and while the Fed did not lower its rate (widely expected not to do so yet), the Fed did signal to three rate cuts coming up in 2024, easing some of the mortgage rate pressure slightly. The signaling of “coming soon” rate cuts was a positive welcome as we see new construction permits go up (a nearly 2-year high per C.A.R. research), which is much needed with the current housing shortage. The labor market continues strong for the most part, although showing some softening in California.

The signaling of the rate cuts coming up this year was much anticipated by the markets, and mortgage rates eased up slightly from where they were prior to the announcement. Current rate for a 30-year fixed conventional loan is roughly at 6.375%, while a 30-year fixed jumbo loan is at 6.750%.

California has had a solid 6-month streak in the labor market strength. Last month it softened a bit, with the unemployment inching up to 5.3% versus 5.2% the previous month, with trade and transportation industries having been the most affected, according to C.A.R. research.

Overall, the housing market continues to stay strong. The much discussed supply and demand equation is holding the home prices high, despite the higher interest rates (which we see as falling slightly towards the end of the year). The industry does not foresee a market crash given the strong fundamentals that are in place; for one, home owners have strong loans (much different from 2008), seller’s equity in the homes, low property taxes (of current owners) - these fundamentals create a market where sellers are not forced to sell, and will sell only at their desired price in order to move to their next home.

There is no better time to buy than when YOU are ready to buy, so call us today to start learning more about the market and how you can successfully enter the market as a seller or buyer.

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.