Lake View Terrace Market at a Glance: Lake View Terrace, California, offers a snapshot of its real estate market over the past two months, revealing trends in home listings, prices, and sales that provide insights for both buyers and sellers. A Comparative Analysis of August 16 and July 16 Stats
August 16 Stats:
- Homes for sale: 5
- Analysis: Limited inventory may impact buyer options and demand.
- Median list price: $1,199,999
- Analysis: A higher median list price suggests a potentially competitive market.
- Average price per square foot: $773
- Analysis: Higher price per square foot could reflect premium property features.
- Homes sold (last 30 days): 4
- Analysis: Steady sales indicate continued buyer interest and activity.
- Median sale price: $907,500
- Analysis: Median sale price dip may indicate a range of buyer budgets.
- Average market time: 13 days
- Analysis: Short market time showcases quick property turnover and demand.
July 16 Stats:
- Homes for sale: 11
- Analysis: Reduced inventory compared to the previous month, impacting choices.
- Median list price: $795,000
- Analysis: Lower median list price may attract budget-conscious buyers.
- Average price per square foot: $695
- Analysis: Slightly lower price per square foot may indicate varied property sizes.
- Homes sold (last 30 days): 2
- Analysis: Limited sales hint at potentially cautious buyer sentiment.
- Median sale price: $1,075,500
- Analysis: Higher median sale price suggests stronger sales values.
- Average market time: 14 days
- Analysis: Comparable market time indicates consistent demand.
Comparative Changes:
- Inventory dropped from 11 to 5 homes, indicating a tightening market.
- Median list price increased by $404,999, highlighting potential price appreciation.
- The average price per square foot rose by $78, potentially reflecting premium features or increased demand.
- Closed sales increased from 2 to 4, signaling heightened buyer activity.
- Median sale price decreased by $168,000, possibly indicating varied property types.
- Average market time decreased by 1 day, underscoring continued buyer urgency.
Conclusion:
Lake View Terrace, California, demonstrates its real estate market’s adaptability and vitality. While inventory decreased, prices held firm or even appreciated, suggesting market resilience. Consistent demand and quick property turnover affirm Lake View Terrace’s appeal. As the market evolves, these trends will guide both buyers and sellers in making informed decisions.