The 2021 real estate market is looking toward similar trends as seen to close out 2020. With inventory low, and mortgage rates remaining historically low buyers continue to stay motivated & seller's have an opportunity to present their homes with less competition.
The Playa Vista single family home market continues to display low inventory as well as increased days on market. Sales prices have decreased year-over-year and month supply of inventory dropped to 1 months supply this month.
The Playa Vista condo market reveals total sales and days on market similar to pre-pandemic times last January, while months supply of inventory has increased month-over-month to 4 months supply as of January.
What does this mean? The Playa Vista market is reacting differenlty to low inventory than surrounding markets. Surrounding markets are experiencing low inventory as well, however, prices are reacting differently than in Playa Vista. Sales prices are increasing in markets such as Westchester, Playa del Rey, and Mar Vista, forcing buyers into a much more competitive marketplace. While Playa Vista seller's may have seen much higher potential prices 12 - 24 months ago, they are also seeing very motivated and serious buyers. With heathly financial markets and low interest rates, buyers are out to start the year and we do not see that slowing down through 2021. Now more than ever, the key factors affecting a successful sale in Playa Vista center around pricing, presentation, and representation.
Contact us to discuss your specific opportunities in today's market, or with any of your Playa Vista real estate questions.