A BRIGHT FUTURE FOR BUYERS AND SELLERS

The most recent real estate statistics available give both buyers and sellers reason to maintain a positive attitude towards the market. For buyers, per Freddie Mac, 2016 mortgage rates this week hit a new low:

30-year fixed-rate mortgages averaged 3.58 percent with an average 0.5 point for the week ending April 14, 2016, down from last week when they averaged 3.59 percent. A year ago at this time, the 30-year FRM averaged 3.67 percent.

15-year fixed-rate mortgages this week averaged 2.86 percent with an average 0.5 point, down from last week when it averaged 2.88 percent. A year ago at this time, the 15-year FRM averaged 2.94 percent.

In addition, the number of new listings has increased every month since the first of the year, as has the total inventory of residential housing, nationwide as well as here in the Los Angeles Metro area. For buyers, this means there’s more from which to choose.

For sellers, the market is equally bright. While nationally, the Median Sale Price has rebounded from a level of $244K at the beginning of the year to $255K in March, here in Los Angeles the Median Sale Price at the beginning of this year ($500K) has increased steadily and is now poised at $518K. Nationally, homes were sold in 58 days, down from the 65 days it took in January.

In Los Angeles, the statistics are even brighter: Already one of the briefest turnaround periods in the country for residential home sales, in March of 2016 the Median Days on Market metric reflected a drop from 43 in January to 35 in March.

And while one in five sellers nationally got more than their asking price, here in Los Angeles more than a third of sellers surpassed their listing price!

#Newsletter #General