Market Update - Culver City Now
Over the last couple of weeks we are starting to see a slow down in active buyers. Partly due to the time of year, as well as the fact that most people who were looking to buy purchased homes over the summer. Based on the activity, we would say that gone are the days of all cash buyers in the market. What we are starting to see now is more traditional financing, as well as offers being written contingent on selling existing homes. This is never an ideal situation for any seller, but if a buyer goes out of their way to find a way to stand out, such as writing a meaningful letter to the seller, it's amazing how much that matters.
Right now there are 21 active single family homes in Culver City. The average price is $1,231,274 and the homes are taking on average 41 days to sell. Prices range from $849,000 - $2,695,000. For the town home/condo segment, we have only 12 active listings in the area that range in price from $369k - $1.1M. The average list price is $616,079 and on average it's taking 33 days to sell them currently.
If you are a buyer who has struggled in the past and you were out bid by other buyers, I would say that now is definitely a good time to go shopping for a property. Over the two months, home sales will continue to be slow due to the holiday season. Interest rates remain low and are forecasted to stay at our near this level post the election.
Based on various industry report and economics predict that the economy will remain fairly strong over the next two years and the much talked about bubble, isn't expected to burst anytime soon. Call us if you have any industry questions or need advise.