Home Sale Stats 2017

Comparison numbers are in and some of them may be shocking, in a good way to a homeowner. Looking at 10 communities throughout the Foothills and into several of the Valley areas take a look at where our markets have gone from 2016 versus 2017. Beverly Hills has an amazing jump in price per square foot, from $995 in 2016 to $1415 in 2017. Prices in the Beverly Hills area jumped from $2.6 million to $6.8 million. Overall most areas had fewer sales and all have experienced an increase in sale price as well as the price per square foot.

As the market changes many sellers continue to go to Zillow for a Zestimate on their home. As a real estate professional for over 28 years, these estimates “zestimates” are becoming more and more misleading. Zillow only works on price per square foot which is not how homes are priced. Professionals consider many different influences in the market, for example, your neighborhood, location, condition, competition, and home sales that have never been posted to Zillow. When establishing value a professional looks at sales that never posted to Zillow. In fact, sellers have complained that Zillow has misinformation that can not be corrected and when a professional prices their home Zillow has been known to hurt the saleability of their home not always help.

Are you in a buyers market or a seller’s market? Right now most would say we are in a strong seller’s market. Every month I receive market updates from Zillow as well as many other sources so I can compare reports and see the real trends in the market. If I relied on just one report such as the monthly Zillow reports then I would be led to believe La Canada-Flintridge is a solid buyer’s market with plenty of inventory for buyers when the fact of the matter is this is a luxury market. The inventory is weighted right now by too many multi-million dollar homes. This market has a moderately priced higher end market which is still a fast paced market. The report provided by Zillow does not shed light on a complete overview, in fact, it’s a bit myopic thus very misleading to a potential seller.

Nothing can replace an experienced agent. Taking a look at the numbers in the attached image one could think the market is amazingly strong and others will think wow the market has slowed. In the end, the numbers need to be put in perspective to your exact neighborhood. Your home may be worth more than the average or less. As I stated earlier their are multiple factors that go into evaluating the true value of a property. Interested in your homes value, think of selling? Let’s connect and evaluate the true market value of your home. Robbyn Battles 818-249-7492 or robbyn@thehouseagentcom