MARCH NEWSLETTER
Dear Friends, Family, and Colleagues,
California’s housing market rebounded in February as statewide home sales reached the highest level in more than two years amid declining mortgage rates at the start of the year.
February’s sales pace surged 11.6% from the 254,110 homes sold in January and was up 2.6% from a year ago. Although home sales have rebounded strongly, they have remained below the 300,000 mark since September 2022. Uncertainty is in focus the first half of this year. The volatility in our markets is causing some to take a pause which may cause a slowdown in sales in the coming months.
February’s statewide median home price was $829,060, down 1.2% from January and up 2.8% from $806,480 in February 2024.
Review our Buyers and Sellers ADVICE section to best position yourself in this transitioning market. Please continue sending us topics of interest so we can cover them in future newsletters. Thank you for reading!
Sincerely,
Dennis Adelpour and The Adelpour Group
Los Angeles' luxury market has been in a holding pattern since Measure ULA took effect. High-end sales have slowed significantly, with many sellers opting to hold off listing or drop prices to offset the tax. Meanwhile, other luxury markets—like Miami and New York—are seeing stronger sales activity, making LA’s slowdown even more noticeable. Now, Mayor Karen Bass is considering suspending ULA, acknowledging that it’s discouraged sales and hasn’t generated as much revenue as expected. If it’s put on pause, expect a surge of new listings and renewed energy in LA’s luxury sector.
Pacific Palisades: Rebuilding & Market Shifts
Pacific Palisades is pushing forward with wildfire recovery, with Phase 2 of debris removal underway. However, rebuilding has been slow—only a handful of permits have been approved, sparking frustration. Mayor Karen Bass has introduced measures to speed up the process, including a dedicated permitting center. Meanwhile, the EPA’s plan to sort toxic debris at a local beach has drawn protests over contamination risks.
Despite challenges, the real estate market in the Pacific Palisades remains strong. There are currently about 101 active land listings as of March 27th, with many more listings on the way. Luxury homes, including estates on Amalfi Drive ($13.95M) and Greentree Road ($12.99M), highlight the area’s desirability. Call me for market insights or buying and selling guidance in the Pacific Palisades.
The Los Angeles high-end market is experiencing a bit of softness, with buyers becoming more selective and price-sensitive. While demand remains strong for well-positioned luxury homes, overpricing or poor presentation can lead to extended days on the market and price reductions.
If you’re considering selling, marketing and negotiations are everything. Right now, serious buyers are still actively looking, but they’re prioritizing properties that are competitively priced and move-in ready. Sellers who act strategically—pricing correctly from the start, staging effectively, and leveraging top-tier marketing—can still achieve strong results despite what's happening in the market.
Thinking about selling? Let’s discuss the best timing and strategy for your home. Call me today for a confidential consultation.
This market is offering a unique opportunity for buyers who are ready to act. With less competition and fewer bidding wars, buyers can often secure properties at more favorable prices than in previous months. However, with the shift in the market, it’s important to approach this process strategically. Be Prepared to Move Quickly! While the market may not be as competitive, desirable properties still move fast.
Don't wait for an overpriced home to undergo a price reduction before making a lower offer—it may be too late. We’re seeing properties sit on the market for weeks with no offers, only to receive multiple bids after a small price reduction. You won’t get a good deal if you don’t ask, and it costs nothing to submit an offer—so don’t be afraid to go for it! Even if prices soften slightly, luxury properties in prime locations tend to appreciate over time. Focus on homes that offer both lifestyle and investment value. If you’re ready to explore the opportunities in today’s market, call me today. Let me help you find your dream home and secure the best possible deal! Even if prices soften slightly, luxury properties in prime locations tend to appreciate over time. Look for homes that offer both lifestyle and investment value. If you’re ready to explore the opportunities available in today’s market, call me today. Let me help you find your dream home and secure the best possible deal!
Check out the recent Redfin article we were featured in:
Build-To-Rent Homes: What You Need to Know About the Future of Single-Family Rentals
Build-to-rent (BTR) homes are ideal for people who want the benefits of community living without the hassle of maintenance, mortgage payments, or HOA dues. In recent years, the movement to create more of these types of homes has been increasing due to higher demand. Because of its rapid growth, many real estate companies and investors are developing BTR properties to capitalize on the craze.
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