INGLEWOOD – We recently published an article on homes languishing on the market in the city of Inglewood. We based our opinion on the listings days on the market. One reader provided this response to our article Inglewood properties languish on the market.
I think it’s a little premature to be worrying about the market slowdown in Inglewood, CA. The big jump in mortgage interests rates (which increases the payments when compared to lower priced mortgages) just happened within the last couple months. Along with the increases if gas prices and food inflation – these factors all contribute to how much money people are able to spend on their housing.
The median number of sales for all detached single family dwellings sold in the 90305 zip area over the last 2 months (8 of them) was 13 days. Median sale price was ~$860,000.
By comparison, the same 60-day period last year yielded 10 sales, the median days-on-market was 12 days and the median sale price was $880,000. These datasets are too small to draw any conclusions about the pricing trend (too many variables among too few sales) but in any case a median of less than 2 weeks exposure time in the market still speaks to an exceptionally high demand for those properties which are competitively priced.
BTW, the duplex property on Bryd is a purpose built 2-unit residential, not a single family. So those will have very different pricing.
My point is, never say never; but Inglewood is exceptionally well located to the major employment centers and will probably be among the last areas of the county to enter into a declining price trend. For that you want to start looking out in Palmdale/Lancaster, which is far from employment. That’s where the energy inflation rate is going to hurt those buyers the hardest.G Hatjef