Real Estate Market Update of January 2024
According to Fannie Mae’s January Housing Forecast, the average 30-year fixed rate is set to dip to 6.4% in the first quarter of 2024, marking a significant shift from earlier predictions. The downward trend is expected to continue, reaching 5.8% by year-end.
The Mortgage Bankers Association echoes this optimism in their January Mortgage Finance Forecast. They foresee a drop from 6.9% in the first quarter of 2024 to 6.1% by the fourth quarter, with rates expected to fall below the 6% mark in early 2025. The Association attributes this to a supportive monetary policy, potentially paving the way for growth in new and existing home sales.
Encino Market Update as of January 2024
Analyzing the Encino real estate market for January 2024 reveals a nuanced interplay of factors. Active listings increased by 3.86%, suggesting a more balanced market with increased inventory. Meanwhile, the median listing price soared by 17.78%, indicating potential property value surges driven by strong demand or limited supply in specific market segments.
Despite a modest 1.55% rise in price per square foot, the number of homes sold experienced a marginal decline of -3.85%, possibly influenced by increased pricing or buyer hesitancy.
The average days on market increased by 12.82%, signifying a slightly slower pace in home sales. Coupled with a notable -22.32% decrease in median sold prices, this may indicate a market correction or seller adjustments. External factors, especially interest rates, likely contribute to these shifts, underscoring the importance of adaptability for both buyers and sellers.
Sherman Oaks Market update as of january 2024
Sherman Oaks’ real estate landscape witnessed notable shifts during January 2024. Although active listings decreased marginally by -0.16%, the median listing price saw a significant -19.36% decline, possibly signaling a shift towards more affordable pricing.
The price per square foot decreased by -0.85%, reflecting a nuanced adjustment in property values. However, the most significant change was the -30.77% decrease in homes sold, suggesting a substantial reduction in market activity.
With the average days on market increasing by 35.48%, homes took longer to sell, indicative of a cautious buyer pool. The decline in both median listing and sold prices by -7.69% and -7.69%, respectively, implies adjustments influenced by external factors such as interest rates. Both buyers and sellers in Sherman Oaks should carefully monitor and adapt to these evolving trends in the real estate landscape.
Studio City Market Update as of january 2024
The Studio City real estate market reveals intriguing dynamics for January 2024. A significant 26.07% increase in active listings indicates a rise in housing supply, potentially due to more sellers entering the market.
Despite a substantial -18.67% decline in the median listing price, the price per square foot increased by 10.55%, hinting at a shift in demand towards smaller or more desirable properties. However, the number of homes sold decreased by 22.73%, showcasing a slowdown in market activity.
With the average days on market rising by 27.27%, homes take longer to sell, aligning with increased supply and decreased demand. The sharp -36.83% decline in median sold prices underscores sellers adjusting to market conditions.
External factors, notably interest rates, play a pivotal role in shaping buyer behavior and market conditions. Continuous monitoring and adaptive strategies will be crucial for all stakeholders in navigating the evolving dynamics of the Studio City real estate market.
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As we transition into February, a glimmer of stability emerges in the real estate market based on forecasted trends. While January presented nuanced shifts, this month shows promise for a more balanced and predictable market.
Now is a pivotal moment for home sellers and buyers alike. Lower rates mean increased affordability and potential growth in the market. If you’ve been contemplating a move, this could be the perfect window of opportunity to explore your options.
Whether you’re considering buying or selling in Encino, Sherman Oaks, or Studio City, now is the time to partner with a knowledgeable and experienced real estate agent.
With market conditions evolving, having a professional guide can make all the difference.
Reach out to the Property Provider Group to navigate the dynamic January 2024 real estate landscape and embrace the emerging stability in February. It’s still a great time to buy or sell your house.
