West Hills Real Estate update for February 2023
Now as we are well into the first quarter of 2023 and the mortgage interest rates have started to fall a little the buyers started to come back to the market. According to Forbes, economists predict that the housing markets will not crash in 2022. The homeowners who purchased or refinanced their homes in the past several years with low interest rates are staying put and enjoying equity in their homes. Inventory remains low, which also keeps the property values from dropping. Currently, with interest rates staying between 5.5%-5.9% home buyers are still eager to buy a home.
Here is a real estate update for West Hills, CA for February 2023.
Median Active Price: $1,050,000 (+$127,500)
Median Sold Price: $920,000(-49,500)
Sale to List Price: 99.5%
Median days on site: 10 (-52)
As the interest rates dropped, homes started disappearing from the market, being sold within record 10 days of hitting the market. This was a huge change from January where homes stayed on the market for about 62 days. The ratio of Active listings to Sold listings dramatically decreased from 1.76 to 0.65.