Calabasas Real Estate Update for November 2022
The real estate market in Calabasas slowed down in November 2022. With interest rates fluctuating in the third quarter of 2022 ranging from 4.99% – 7.08% for the 30-year fixed rate, buyers put on breaks on home buying. As rates stabilize around 7%, they are still about double of what they were last year around this time. Experts predict that interest rates will drop a little bit and stabilize around 6%.
This financial instability affected home sales in Calabasas. The median sale price fell by 13% ($213,000) from $1,612,000. The sellers had to settle for letting their properties go about 6% under the listed price but managed to make the sales within about 2 months.
Calabasas Real Estate Market update for 11/2022
Median Sold Price: $1,399,000 (-$213,000)
Sale to List Price: 94%
Median days on Site: 63