Summary: The median price for single-family homes on the Westside in April is down 20% compared to the same month last year. Worth noting April of last year was an outlier, a peak month. In the three months up to April, prices went up by 18%. In general, I’d say, prices are down by about 10% since the peak, and back to early 2022 levels, late 2021. The median price for condos is down about 8% compared to the same month last year. Condos have weathered the housing cooldown better, as they didn’t see the rapid price increases that single-family homes saw during the pandemic.
Single-Family Homes: April median price is down about 10% compared to March but still in line with the previous five months. March was a good month for prices. In general, prices are down about 10% from the peak and back to early 2022 levels, late 2021. New listings are down by about 30% compared to the same month last year; inventory is low. Months of inventory in April was 2.7. Six months is considered healthy, so still low. Sales are down over 50% compared to the same month last year. Sales are among the highest in the past five months but still among the lowest in recent years.
Condos: April median price is down about 6% compared to March. In general, prices are relatively flat compared to peak levels and have been inching up in recent months, but still around early 2022 levels. Condo prices weathered things better than single-family houses. Some reasons are: Condo prices suffered during the pandemic and didn’t see the rapid appreciation that single homes did during that time. And two, some buyers have turned to the condo due to affordability reasons. New listings for condos are down by about 30% compared to the same month last year. Months of inventory is 3. Six months is considered healthy, so still low.
Conclusion: Yes, prices are down compared to the peak and stand around early 2022 levels, late 2021. From its peak, prices went down and started stabilizing around October of last year. Sales are down, and Interest rates are up, which should be a good recipe for a downward price trend. The market’s saving grace has been low inventory. If we get a flood of new listings, we could start seeing prices come down if interest rates remain at current levels. If interest rates drop and inventory remains the same, we could see prices slowly increase. What’s going to happen? Your bet is as good as mine.
Sources: LINK