July 6, 2025 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Brentwood housing market: Looking back – and forward

For the past 28 years Michael Edlen has tracked local statistics and trends, and has provided real estate counseling services to thousands of prospective buyers and sellers.
For the past 28 years Michael Edlen has tracked local statistics and trends, and has provided real estate counseling services to thousands of prospective buyers and sellers.

As we began 2015, the number of homes available for sale in Brentwood was not as low as it was a year ago. However, there are only 50 homes on the market, which is the same supply as at the beginning of 2013.

Due to the high demand for Brentwood houses especially under $2 million, the median $3.7 million list price is almost unbelievably 70 percent higher than it was two years ago, and 23 percent higher than one year ago.

In 2014, we experienced another year of fewer sales as compared with 2013, with average sales prices increasing by 15 percent.

With just 50 homes on the market at the start of this year, it would only take only 2.5 months to sell all the homes available at the current rate.

When the inventory level dips below six months, it is generally considered to be a “seller’s market.”

As of January 2015, sellers nearly have the most favorable market environment that we’ve had in decades. With home sales continuing to exceed new inventory in 2014, it is no surprise that prices have continued to increase so much.

A number of factors have contributed to this continuing lower supply. One is that some owners who have been leasing their home rather than selling in the down market have not yet made them available for purchase. Another factor is that the level of purchasing by investors has continued to increase through 2014, putting pressure on the market in many Brentwood and other Westside neighborhoods.

Additionally, banks own only a few Brentwood homes, which have not yet been listed for sale. Also, 20 local homes are either in pre-foreclosure stages or already have had bank auction dates scheduled.

Looking forward, buyers are likely to experience a continuing high level of frustration in their effort to identify and succeed in purchasing a home.

Although interest rates are still near low levels, which has made home purchasing much more affordable, many prospective buyers have often found themselves being out-bid by either all-cash buyers or by investors/developers seeking more business opportunities.

Some good news for buyers is that investors are beginning to reduce their purchases of homes as their profit margin narrows and inventory of local distressed properties has declined.

Of course it may take several months before enough homes are listed for sale in the more affordable price ranges, but the increase in home prices will gradually encourage more homeowners to put their homes up for sale.

As could be expected, local sellers are likely to continue enjoying a very solid market in their favor for at least several months. Until interest rates and/or average price levels increase more significantly, it is reasonable to suppose that the current strength of the buyer pool will be great enough to offset the seasonal increase in new listings that is now beginning.

Of course, each neighborhood has its own price dynamics. Also, there are varying degrees of market balance between sellers and buyers at different price ranges. Therefore, owners who may be considering selling property in 2015 would do well to meet with an experienced local real estate agent to assess where their particular property fits into this picture before deciding on timing and price positioning.

Michael Edlen has sold nearly $2 billion, 1,200 homes, and his team has more than 90 years of combined experience in real estate. He provides real estate counseling services to prospective buyers and sellers. More insight and information are available at MichaelEdlen.com. He can be reached at 310.230.7373 or Michael@MichaelEdlen.com.

Related Posts

Michael Madsen, Star of Reservoir Dogs and Kill Bill, Dies at 67 in Malibu

July 4, 2025

July 4, 2025

Actor Remembered for His Intense Performances and as a Poet  Actor Michael Madsen, known for his distinctive gravelly voice and...

Los Angeles City Council Cracks Down on ‘Disaster Tours’ in Pacific Palisades

July 4, 2025

July 4, 2025

City Council Bans Commercial Bus Tours in Burn Zone Amid Community Backlash Tour buses that have been operating in fire-ravaged...

Tow Truck Scammers Target Crash Victims Across L.A.: Authorities Warn of Fraud at Accident Scenes

July 4, 2025

July 4, 2025

Officials Urge Drivers to Stay Alert After Collisions as Rogue Operators Demand Inflated Fees  Motorists involved in vehicle accidents are...

Woman Dies After Melrose Store Altercation: LAPD Launches Homicide Investigation

July 4, 2025

July 4, 2025

Critically Injured Young Woman Died July 2, After She was Badly Beaten at Work  The death of a woman critically...

CHP Officer Dies in Culver City Crash: Medical Emergency Suspected Behind Tragic Incident

July 4, 2025

July 4, 2025

Officer lost consciousness while transporting a suspect before crashing into a tree California Highway Patrol Officer Miguel Cano died early...

L.A. Beaches Brace for Holiday Rush: Over 1 Million Visitors Expected This Fourth of July

July 4, 2025

July 4, 2025

County Officials Urge Beachgoers to Pack Out Their Trash and  Monitor Water Quality More than one million visitors are expected...

(Video) A visit to New York Bagel & Deli in Santa Monica

July 3, 2025

July 3, 2025

Authentic NY Style Bagels with Extra Creamy Cream Cheese and Multi-Cultural Desserts. Located at 2216 Wilshire Blvd. A visit to...

Hot Dogs & Rosé: Something About Her and The Culver Hotel Roll Out Summer Specials

July 2, 2025

July 2, 2025

Westside Venues to Serve Playful Bites and Seasonal Sips For the Holiday Weekend A bold new offering is making its...

NeueHouse Hosts Bold One-Night Dinner With Culinary Phenomenon Diego Argoti

July 2, 2025

July 2, 2025

Acclaimed Chef Brings Culinary Mischief With a Five-Course Tasting Experience. NeueHouse Hollywood will host an exclusive, one-night-only dining event on...

(Video) Legacy, Reimagined: Architecture, Design & Construction by Home Front Build Los Angeles

July 2, 2025

July 2, 2025

Go To Homefrontbuild.com For More Information @home_front_build Legacy, Reimagined: Architecture, Design & Construction by Home Front Build Los Angeles Go...

405 Crash Near the Getty Sends Three to Hospital: Two Seriously Hurt Near Site Where LAPD Sgt. Died

July 2, 2025

July 2, 2025

Early Morning Multi-Vehicle Collision Shut Down Lanes Near Brentwood Three men were injured and traffic was snarled for hours following...

(Video) Jikoni, the AfriCali PopUp from celebrated cookbook author Kiano Moju Has Been Extended Until July 3 at Citizen Public Market

July 1, 2025

July 1, 2025

Bold Flavors and Spice Merge with Crisp, Chewy Chapati. Delicious With a Caring Chef and Staff. Jikoni, the AfriCali PopUp...

Pentagon Orders Troop Drawdown in LA: 150 National Guard Members Reassigned to Wildfire Duty

July 1, 2025

July 1, 2025

Federal Forces Begin Partial Withdrawal From Protest Response as California Leaders Push Back U.S. Northern Command announced Tuesday that 150...

California Highway Patrol Deploys for Independence Day Enforcement Surge

July 1, 2025

July 1, 2025

All Available Officers to Hit California Highways for Holiday Weekend As Californians gear up for Fourth of July festivities, the...

Court Postpones Arraignment for Driver in Malibu Crash That Killed Four Students

July 1, 2025

July 1, 2025

Fraser Michael Bohm Faces Murder Charges in Fatal PCH Wreck  The arraignment for Fraser Michael Bohm, the 23-year-old man accused...