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MARKET SNAPSHOT – JUNE 2020

 

As SMG is putting homes in escrow every week, we are seeing the volume of residential sales increase exponentially. Why do you ask? The basic rule of supply and demand. Homeowners are valuing their properties more than ever due to quarantine so they aren’t moving.  On the other hand,  people are looking to own because interest rates are down and outdoor space is in demand. Our latest listing, a luxury condo at The Mirabella centrally located in the Wilshire Corridor offers a pool and gym on the property which we are all wishing we had over the last 4 months. Not to mention stunning views! Elliman’s new Closing Rates report is a monthly snapshot that shows the exact numbers by neighborhood. While it shows we are down from last year, the number of sales closing continues to rise as the world reopens.