Enjoy a complimentary Mount Washington Real Estate Market Update for July 2017
This Month in Real Estate:
July saw a slightly higher inventory of homes but with a decrease in home’s sale price in the Mount Washington real estate market. The market had a total of 13 units sold at a median price of $595,000. That compared to the sales price one year ago showed a signaficant drop of -8.5% decrease in price. This prices decreased -34% in median price from the previous month. The average sale price landed at exactly 105% of list price. Compared to last month, this shows that home values are decreasing while more homes are on the market.
The average days to sell time on the market increased to an average of 35 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: $790,000
- In Eagle Rock: $803,000
- In Glendale: $840,000
- In Burbank: $741,000
- In Pasadena: $824,000
- In Studio City: $1,056,000
- In Shadow Hills: $750,000
- In La Crescenta: $730,000
We hope you found this real estate market update for July 2017 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.