1//Multiple Offers | Last week a Woodson home (12864 Seaglass) was listed and received 8 offers! Every offer came in at the list price of $2,195,000 or more; 2 of them were cash offers. The home ultimately went under contract for more than $100,000 over asking price, suggesting that there is a huge demand for SFH in Playa Vista with very limited inventory.
2//One New Listing | This week, there is only one new listing to hit the market in Playa Vista, a single-level 2BR condo for $850,000. Inventory remains the same this week as last week, as only one home went under contract. The total number of homes for sale is currently at 16.
3//Mortgage Rates | After 5 consecutive weeks of declining Interest Rates, they finally increased this week, from 6.27% to 6.39%. An interesting article this week by Anna Bahney for CNN suggests that we may be getting closer to a magic number of 5.5% mortgage rates which would make the real estate market extremely busy again.
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