Nosy Neighbor Report For September

Published by

Tracy Thrower Conyers

on

September 15, 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 in Kentwood 90045.

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 on a rolling 12-month average currently sites at $1.84M. 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.

This price graph very much tells a mortgage rate story. When rates started their dramatic climb, prices came down. With rates moderating, prices are starting to climb again, so for anybody who wants to wait to buy or sell until rates come down, you need to be aware that prices will be higher. It’s more prudent to buy with the higher rate with today’s prices and less competition, and re-fi later.

I know that refinancing your mortgage is not a zero cost exercise. You’ll have to crunch the numbers for your specific situation, but waiting is not likely going to save you money. Lots of people will wait and you’ll have a lot of competition driving up those prices. Let me know if you want help crunching those numbers.

The median sale price to list price ratio last month dropped to a smidge over 100%. This number is an indicator of how many buyers are in the neighborhood making offers. A number higher than 100% generally indicates multiple offers. Last month’s number tends to suggest that there were not multiple bidders on properties and offers by single buyers were right at list price.

If you’re nosy about new listings, new listings last month were flat after a dramatic run up early in the Summer months on a month over month basis, but on a rolling 12-month basis (shown above), inventory has been on a steady march up for most of the year.

Listings also spent 14 days on the market last month.

Accumulated listings on the market is now sitting at 3.5 months, which as you can see fom the graph above, is quite high for Kentwood. Will dropping interest rates bring out the buyers? It’s hard to tell. Sometimes people just sit tight in an election year until the new year.

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.