Westside Market Watch - March
Did real estate on the Westside just shift?
Summary: Sales in March hit a high not seen in almost a year. The median price is up month-over-month but down by about 2% compared to the same period last year. Could the surge in sales mean the market is shifting? Too soon to tell; let's see what April brings. April will be an interesting watch, as this was when the market peaked last year.
Single-Family Homes: Sales for single-family homes on the Westside jumped 70% in March, month-over-month, to a high not seen since April 2022. The number of sales represents a 7% increase compared to the same month last year. Meanwhile, new listings are down 17% compared to the same month the previous year. The median price is down about 1.6% compared to last year's period. Months of inventory hit a record low of 1.6; the prior month was 3.
Condos: Sales in March jumped 57%, month-over-month, to a level not seen in almost eight months. Though still 27% less from the same period last year. New listings are down 35% compared to last year's period. The median price is at an 8-month high but about 3% down compared to last year's period. Months of inventory is down to 2 months, from 3.3 the previous year.
Conclusion: Market statistics are history. And history, at best, is still a wild guess into the future. My recommendation: Buy when you can afford to buy, and don't buy when you can't. But if you're still into numbers, stay tuned for next month.