As January opens, I am happy to report how December ended with our real estate market momentum. Our team closed 3 high end luxury sales during the week between Christmas and New Year’s. Our Office logged 21 closings during that holiday week. This is the most closing activity in the last week of any year we’ve seen since the 2006-2007 timeline.
So, my professional opinion is optimistic as we start the New Year and while there is still the need for good inventory of ready-to-live luxury homes. Typically, the first couple of weeks in January see low inventory because Sellers decide to abstain from active marketing during the holiday period, or agents are on vacation and wait to upload their new listings in the 2nd and 3rd week of January.
We will monitor the incoming new listings during this critical month, in hope that we see new inventory to meet the Buyer’s needs in the luxury sector. Currently, there is plentiful inventory in Sunset Strip, Beverly Hills, BHPO & Bel Air for “ready to build” vacant lots with approved builder plans. Actually -there is too much inventory in that category. If Buyers do not purchase those building opportunities for their custom dream homes, then the prices may soften for this type property. Once one sector of a market softens, there can be carry-over into other categories. It is too soon to tell, but we should have a clear impression of how 2017 will fare once we reach the end of the month, and following the Inauguration which will receive much attention, to be sure.
This month, I’m particularly happy to reveal our best wine shop guide. As we know, a good bottle of wine can sometimes be hard to find! My best wishes for a successful and fulfilling New Year!