Earlier this week, mortgage rates moved to historic lows: 3.375% is being offered on a 30-year fixed Jumbo (up to $3,000,000) and 2.750% on a 15-year fixed conforming loan up to $510,400 (3.125% is offered on a 30-year fixed conforming loan). The welcome rate adjustment happened as COVID-19 spread, international oil prices dropped, and the U.S.’s stock market got pummeled. The stock market’s continued excitability (and reactivity to Twitter) makes real estate a sound investment for stuffing coffers. The median price of a single-family home in Los Angeles County was $650,000 in January, representing a sizable 8.5% increase over a year earlier, according to new sale numbers from real estate tracker CoreLogic. A median-priced condo cost $515,000, a more modest 1% uptick over Jan. 2019.
The number of properties on the market continues to dwindle, which keeps prices up. According to Zillow, only 14,216 homes were listed countywide in January—a drop of nearly 22% since a year ago. With fewer homes available for buyers to choose from, for-sale signs aren’t staying up very long. In January, the typical single-family home in Greater L.A. took 26 days to sell, according to the California Association of Realtors. That’s down a full 10 days from Jan. 2019. Statewide, the median home took 31 days to sell.
In other news…L.A.’s highest-end sales (over $20 million) marched along with 6 single-family homes closing in January: 9272 Robin Drive ($42,509,000), 9268 Robin Drive ($33,009,000), 1677 N. Doheny Drive ($25,950,000), 651 Siena Way ($24,000,000), 1116 Napoli Drive ($22,250,000), and 167 S. Rockingham Avenue ($20,833,500). The highest condo sale of the month was 1200 Club View Drive #8 for $9,400,000.