There is little debate that the U.S. housing market is cooling down after home values rose at a frenzied pace during the pandemic. For the first time in 131 months, home prices fell year-over-year in February, ending the longest price growth streak. The median existing-home sales price in April slipped 1.7% from one year ago to $388,800. Meanwhile, elevated mortgage rates − which have doubled since early last year − have constrained homebuyers’ purchasing power. Instability in the banking sector, headlines about layoffs, and growing recession risks are also causing prospective homebuyers to hold back. So, does this mean a housing crash could be on the horizon? Housing experts don’t believe that to be the case.
“Despite uncertainty in the economy and the housing market right now, there is little to suggest that the housing market is poised for a crash,” says Bright MLS Chief Economist Lisa Sturtevant. “For a plunge in home prices—like we saw in 2008, for example—we would need demand to pull back dramatically and/or supply to increase significantly.”
Fundraiser Event
With Pride Month upon us, we’re spreading the word about a fantastic fundraising event! We’d love to officially invite you to our 1st Annual Big Gay Bake Sale, hosted by the Regina Vannicola Real Estate Group and the Melanie Sommers Team. This will be a fun and lighthearted event to celebrate our friends, family, colleagues and clients that are a part of the LGBTQ+ community! Plus, who doesn’t love rainbow cupcakes?!
All proceeds will benefit the Los Angeles LGBT Center to help support LGBT individuals and families in Los Angeles and beyond.
When: Saturday, June 17th from 11AM - 2PM
Where: 1333 Montana Avenue, Front of the Compass Santa Monica Office
For additional information, and to discuss your participation, please contact
Sebastian Lorefice / [email protected]
Santa Monica Market Update | May 2023
Single Family Homes
Average Sold Price
$3.58M
Down -32%
from May 2022
Closed Sales
16
Up 6.7%
from April 2023
Avg Days on Market
42
Up 250%
from April 2023
Condos/Townhomes
Average Sold Price
$1.37M
Closed Sales
32
Up 68%
from April 2023
Avg Days on Market
46
Up 84%
from April 2023
Source: themls.com
Food Obsession of the Month
Low Carb Pecan Pie
Looking for a healthier way to enjoy a classic holiday treat? This low carb pecan pie is so rich, utterly delicious, and made without all the unwanted sugar or carbs!
Source: diabetesstrong.com
Crust
- 2½ cups almond flour
- ¼ cup granulated stevia
- ½ teaspoon sea salt
- ¼ cup coconut oil (melted)
- 1 large egg (beaten)
- 1 teaspoon vanilla extract
Filling
- 6 ounces butter
- ½ cup + 2 tablespoons granulated stevia
- 1½ cups cream
- ½ teaspoon sea salt
- 1 teaspoon vanilla extract
- ¼ teaspoon cinnamon
- 1 large egg
- 2¾ cups raw pecans
Local Happenings
June 2023
Lifestyle Tips & Tricks
"As you search for a new home, you might find yourself categorizing your options into new and old builds. While older homes might offer the kind of layout, price point, and durability you’re looking for, they also come with their own problems. A new build, on the other hand, offers a buyer a clean slate."
Having plenty of options is a good thing, but when it comes to shopping for organization products on Amazon, it can feel like overload. That’s why we tapped a panel of professional organizers to help narrow it down.
But water can also enhance our health as part of our home environments, and is an increasingly popular architectural feature for building professionals to suggest to homeowner clients.
The kitchen may be the heart of the home, but the living room is the hub. It’s where everyone convenes to relax and enjoy quality time with each other (or with the TV).