Is this a buyers or sellers market?
As a local Realtor, I get asked all the time, “is this a buyers or sellers market?” What do you think? It's actually both. Let me explain.
If you are a buyer, homes are still selling at a discount from their highs a few years back. In the first quarter of 2016 (91915) there were 57 homes sold for an average price of $502,000. Inventory is continuing to increase, which is great for buyers. Last year there were only a handful of homes to choose from. I have had as many as 60 offers on a house when home inventory was extremely low. The average house sold in 58 days, which allows buyers a chance to see all the homes for sale. Currently there are 36 homes for sale ranging in price from $375,000 to $750,000.
Sellers are still receiving multiple offers (not as many as in the past, but enough to allow sellers to get 97% of their asking price). Many of my clients are beginning to trade up. They are selling their condo/town homes and buying larger homes to accommodate their growing families.
Eastlake is a master planned community. Most of the houses are close to lakes, parks, schools, walking trails, biking trails, multiple clubhouse community pools, shopping and restaurants. There are homes for all types of buyers. Housing prices range from $300,000 for a condo to $900,000 for a single family detached home. The schools in this area are excellent. The elementary, middle and high schools are all within walking distance or a few minutes in the car.
The real estate market in Eastlake is always in high demand, which is always good for home owners. I can’t emphasize this enough. It is a very family oriented tight-knit community. Everyone seems to know everyone. For those of you with kids, 4th of July and Halloween are something to experience here in Eastlake. Each Halloween you will see the adults on their driveways handing out the candy and thousands of kids walking from house to house having a good time. On the 4th of July 4th, Eastlake puts on it’s own private fireworks display just for the community.
So, if you are looking for a home in the South Bay, be sure to look at Eastlake. I promise you won’t be disappointed.