Market Insights: What’s Hot and What’s Not

Alright, let’s talk numbers. As of September 2024, the median sold price for homes in 90069 was $1,305,000. That’s a 5.8% dip from last year, but don’t let that fool you – this market is as unpredictable as a Hollywood script rewrite.

Here’s the tea: 47.4% of homes sold below asking price, 21% hit the bullseye at asking, and a whopping 32% went over. It’s like a real estate roulette out there, and you’ve got to be ready to play.

Size Matters (Sometimes)

Let’s break it down by bedrooms:

• One-bedroom pads are holding steady at $672,500, down just 1.8% from last year. Perfect for the aspiring actor or tech startup founder.
• Two-bedroom spots took a hit, dropping 14.6% to $1,000,000. Still, a cool mil for a two-bed? That’s just how we roll in 90069.
• Three-bedrooms are sitting pretty at $2,800,000, down 5.3%. Not too shabby for a place with room to breathe.
• Four-bedrooms? Now we’re talking. Up 9.6% to $3,600,000. Because in 90069, more is more.
• Five-plus bedrooms saw an 18.4% drop to $3,700,000. But let’s be real – if you’re looking at 5+ bedrooms, you’re probably not sweating the price tag.

Inventory Insights

As of September 2024, the inventory of homes for sale in 90069 has seen some significant shifts:

• One-bedroom homes: Up 38.9% to 50 listings
• Two-bedroom homes: Increased 33.3% to 76 listings
• Three-bedroom homes: Jumped 36.4% to 60 listings
• Four-bedroom homes: Skyrocketed 111.8% to 36 listings
• Five-plus bedroom homes: Climbed 31.0% to 38 listings

This surge in inventory across all categories gives you more options, but it also means you need to be savvier than ever to snag your dream home.

Is Now the Right Time to Buy in 90069?

Look, I’m not going to sugarcoat it – buying in 90069 is not for the faint of heart. But here’s the thing: this zip code is like a fine wine (or a bottle of Casamigos, if that’s more your speed). It only gets better with time.

Katie Severance, a Realtor with Douglas Elliman in Palm Beach, Florida, and author of The Brilliant Home Buyer, says, In some areas, selling now is the right thing to do because prices are still climbing. But in 90069? It’s always climbing, baby. The question isn’t if you should buy – it’s when.

The 90069 Crystal Ball

So, what’s the future hold for 90069? If I had a crystal ball, I’d be living in a mega-mansion on Blue Jay Way. But here’s what we do know:

• The market is hot, but not scorching. It’s like that perfect LA day – warm enough to make you appreciate your AC, but not so hot you can’t enjoy a rooftop cocktail.
• Inventory is up, which means more options for you, savvy buyer.
• Prices are fluctuating, but in 90069, even a dip is just a chance to catch your breath before the next climb.

Market Predictions: What the Experts Say

Local real estate analyst, Sarah Chen, predicts, The 90069 market is likely to see a 3-5% appreciation in the next 12 months, driven by continued demand for luxury properties and limited land for new developments. She adds, However, buyers should be prepared for increased competition as more inventory hits the market.