Nosy Neighbor Report For May

Published by

Tracy Thrower Conyers

on

May 3, 2024

It’s time to get nosy! Tracy Thrower Conyers back this month to share all the nosy details you need to keep tabs on your neighbors’ home sales.

If you’re thinking selling or even just wondering about your equity, you will definitely want to be a nosy neighbor! But instead of peering over hedges or poking around in garbage bins, I’ve got all the nosy information you need in one convenient place!

Our median price in Kentwood remains mostly flat on a rolling 12-month average at $1.78M. Although it’s been sad to give back some of the crazy price gains during the pandemic, we are still well above where we were at the beginning of the pandemic.

The red diagonal line shows us being a hair under the usual trajectory, but our unusually high interest rates are bound to affect that trajectory we usually tend to enjoy here in Kentwood. I personally believe our prices will jump back up to the diagonal line when rates come down.

And by the way, those crazy gains appear to be a Kentwood phenomenon. If you look at the beach cities prices for the same period, you don’t see that big price run up in mid to late 2022.

The median sale price to list price ratio last month was 105.4%. This number is an indicator of how many buyers are in the neighborhood making offers. Any time we see a number over 100% is going to indicate multiple offers because buyers just don’t typically offer over list if they are the only offering party. This number is higher than we’ve seen in recent months demonstrating that buyers are coming back after initial interest rate shock.

If you’re nosy about new listings, we had 13 new listings, which is considerably lower than last month’s 19, but as you’ll see from this rolling 12-month average graph, our listings count is still well below our usual levels.

Listings also spent just a short 9 days on the market last month. 9 days on market is barely enough time to get a second look before writing an offer. You have to be a very decisive buyer in Kentwood right now. None of this is a healthy state of affairs. We need more home listings in Kentwood!

With buyers still wanting to buy and so few listings on the market, sellers are definitely in the drivers seat right now and this is good for sales and equity for neighbors. Think you need to fix your property before listing it? Total fixers are fetching a crazy amount of money right now. Message me for more information about those particular recent sales.

Find all the sold listings and their details for Kentwood at nosyneighborreport.com. Wondering about the sale details for a specific property? Message me with the address.

As always, I’m happy to provide a custom equity report for your own Kentwood property based on these recent sales.

Until next month, be nosy but put down the binoculars and let me do all the hard work!

By Tracy Thrower Conyers, Your Neighbor In Kentwood
Tracy is a realtor specializing in LA’s Beach Cities, with a hyper-emphasis on Westchester & more specifically, Kentwood. She is a past practicing attorney & real estate tech founder. Tracy is an outspoken housing policy and lifestyle advocate in our community and 22+ year real estate industry vet. She’s been quoted on topics of Silicon Beach real estate by trusted media outlets including the Los Angeles Times, KCET and The Argonaut. Tracy & her family have called Kentwood home for over 20 years. Tracy & her husband Doug are empty nesters living with their two cats and pup, Luna.