As the second quarter of the year passes us by, Culver City is seeing a good turnover of housing inventory available, as well as an increase in the number of homes sold in our district. With good mortgage rates, and excellent terms for qualified buyers, the market seems stable and shows signs that consumer confidence is holding firm.
According to Freddie Mac, average mortgage rates for a 30-year fixed-rate mortgage fluctuated only negligibly over the past three months. April rates were 4.84% with 0.7 points, May saw 4.64% with 0.7 points and June averaged a low rate of 4.51% with 0.7 points. Rates for 5/1-year ARMs were also favorable to consumers with good credit and strong down payments.
What’s the Scoop?
The housing market came in all kinds of flavors this past quarter. In the single-family residence market, there are currently 43 active listings in Culver City zip codes 90230 and 90232. Our last report showed 49 listings, so we are currently sitting at approximately 12% less inventory than in Q1 2011.
Listing prices of the active homes in Culver City range from $515,000 to $1,300,000. Also, it’s interesting to note that only five homes currently active were listed prior to April 2011. These figures show that the market is very active and homes are not remaining listed for very long. Sixteen listings are currently in escrow or are listed as pending.
Sales for single-family homes have also increased since Q1 with 28 homes sold in April, May and June, as compared to 21 in the first quarter of this year. Prices ranged from $410,000 for a two bedroom, one bathroom, 1,014 square foot home to $1,185,000 for a five bedroom, four bathroom, 2,994 square foot home.
As before, prices still vary greatly due to foreclosure, short sale and regular sale valuations. In this complex market it’s really important to get professional advice when pricing your home or making an offer. Appraisers are also aware of low comps and massive price fluctuations for comparable homes, so if you’re thinking of selling, don’t be afraid to jump on in. Well-maintained homes are still commanding a premium.
If you were considering the benefits of home ownership, or questioning your ability to purchase a condo, town-home, single family home or multi-unit income producing property, we would love to meet with you to assess the affordability and requirements of homeownership for you. We are always abreast of the best deals on the market, so our buyers get the best property for the best price. We also work really hard to help our sellers net the best price, sell quickly and to the right buyer.