June opens with real estate news that house purchase numbers fall for the 6th straight month. It is the result of the rare situation wherein very low inventory limits the possibility of sales, while rising interest rates slow Buyer demand as it becomes more expensive to pay a monthly mortgage for homebuyers using a loan. In the recent 2 weeks, noticeable increase in listing inventory may help improve these market conditions for July and the remainder of Summer.
It is too soon to say prices are softening, although agents are beginning to discuss this possibility and “read the tea leaves” of telltale signs. Amazingly, 4 out of 10 sales closed over List Price and 64% of sold homes were in multiple offer bidding wars. We are watching this carefully and guiding our Buyers to win in these challenging situations. Our Sellers are pleased with the market results, unless their List Price is higher than market demand suggests. It is an excellent time to sell --- and a reasonable time to buy. There, I said it.
Another early June event for us is listing the former Johnny Depp-Amber Heard penthouse in downtown LA 2 days after the trial ended. The penthouse is atop one of LA’s most celebrated historic buildings, the Eastern Standard seen in movies and commercials, and displays colorful aquamarine & turquoise tile-work on its exterior with Art Deco flourish. See it below.
Speaking of color --- our Team hosted an event at the Frida Kahlo immersive exhibit in Hollywood. Guests enjoyed cocktails surrounded by the artist’s illuminated artworks which seemingly “come to Life” in front of your eyes. It was so compelling, we extended our stay by an additional half hour because no one wanted to leave! For all the birthday Geminis like me this month – enjoy it to the fullest!