Enjoy a complimentary Mount Washington Real Estate Market Update for February 2018
This Month in Real Estate:
February saw a increase in the inventory of homes on the market sold, but with a decrease in home’s sale price in the Mount Washington real estate market. The market had a total of 10 units sold at a median price of $841,000. That compared to the sales price one year ago showed an increase of 5.1% in price. The price decreased however by -7.1% in median price from the previous month. The average sale price landed at 97% of the original list price indicating many homes initially were overpriced and therefore sold under original asking price. Compared to last month, this shows that home values are increasing.
The average days to sell time on the market increased to an average of 40 days. The most important indicator for determining which type of market we are in currently is the average time it takes for the entire inventory supply of homes to sell. Anything below 4 months indicates a seller’s market, between 4-6 months is a balanced market, and over 6 months is a buyer’s market. Currently, we are still in a strong seller’s market. However, with rates going up we may see a shift to a more stable and balanced real estate market in the coming months.
Other City’s Average Median Home Values:
- In Los Angeles: $735,000
- In Eagle Rock: $1,058,000
- In Glendale: $775,000
- In Burbank: $761,000
- In Pasadena: $760,000
- In Studio City: $1,160,000
- In La Crescenta: $965,000
We hope you found this real estate market update for February 2018 helpful. Each month you will be provided with monthly real estate updates on the market. If you would like a more comprehensive free no obligation market evaluation text or call me at (818) 389-4465 today.