The Numbers Game: Market Trends That’ll Make Your Head Spin
Alright, let’s talk turkey – or in this case, cold, hard cash. As of September 2024, the median home price in 90049 was a cool $2.4 million. Sure, that’s down 6.7% from last year, but don’t get too excited. This dip is like finding a designer handbag on sale – it’s still expensive, just slightly less eye-watering.
Here’s the tea: 89% of homes sold under asking price. You might think, Score! I’ll get a deal! But remember, in 90049, under asking still means you’re probably dropping millions. It’s like getting a discount on a yacht – you’re not exactly clipping coupons here.
Let’s break down some more statistics to give you a clearer picture:
- Number of homes for sale: 195 (as of September 2024), a 14.7% increase from August 2024.
- Days on market: An average of 54 days, up 45.7% from the previous year.
- Sales distribution:
- 48% of homes sold within 30 days
- 26% sold within 30 to 90 days
- 26% took over 90 days to sell
These numbers tell a story of a market that’s slightly cooling but still incredibly robust. It’s a market where patience can pay off, but hesitation might cost you your dream home.
Size Matters (When It Comes to Bedrooms)
Let’s break it down by bedrooms, shall we?
– One-bedroom pads are averaging $628,500. That’s right, over half a million for a glorified studio. But hey, it’s 3.9% up from last year, so consider it an investment.
– Two-bedrooms? A cool $1.2 million. That extra bedroom comes at a premium, folks.
– Three-bedrooms hit $2.2 million. Because who doesn’t need a room just for their shoe collection?
– Four-bedrooms? Now we’re talking serious money at $3.4 million.
– And if you’re really living large, five-plus bedrooms will set you back a mere $6.5 million. Pocket change, really.
But these aren’t just numbers; they’re entry tickets to a lifestyle. Each bedroom category represents a different slice of the 90049 pie, catering to various needs and desires of the elite.
The Insider’s Guide to Snagging Your 90049 Dream Home
Listen up, because this is where the rubber meets the road. You want in on this zip code? You better bring your A-game.
Timing Is Everything (Except When It’s Not)
Conventional wisdom says spring and summer are the hot seasons for real estate. But in 90049? The rules are different. This market moves to its own beat. One day, it’s a buyer’s paradise; the next, you’re in a bidding war with a tech mogul and a reality TV star.
Remember, homes here spent an average of 54 days on the market in September 2024. That’s 45.7% longer than last year. Is it a cooling market or just LA taking a prolonged lunch break? Only time will tell.
Katie Severance, a Realtor with Douglas Elliman, offers this insight: Typically, spring and summer are considered the best times to sell, when there’s the most activity from buyers and the most listings entering the market. The worst times to sell are typically the dead of winter, when bad weather keeps people off the roads and holiday planning occupies their minds.
However, in 90049, these rules can often be thrown out the window. The luxury market here operates on its own schedule, driven by factors like celebrity moves, tech industry shifts, and global economic trends.
The Art of the Deal (90049 Edition)
Here’s a pro tip: in this market, being somewhat competitive means you need to be ready to tango. Homes typically get about two offers. It might not sound like much, but when those offers are coming from people who have their own Wikipedia pages, you better believe it’s intense.
And here’s the kicker – homes are selling for about 4% below list price. In any other zip code, that’d be cause for celebration. In 90049? It’s just another day in paradise.
Barbara Corcoran, real estate mogul and Shark Tank star, once said, Buyers decide in the first eight seconds of seeing a home if they’re interested in buying it. Get out of your car, walk in their shoes and see what they see within the first eight seconds. In 90049, those eight seconds could be the difference between owning a piece of LA history and missing out on the opportunity of a lifetime.