Because of its many desirable features– neighborhood vibe, good public schools, proximity to highways and the diversity of housing options – Brentwood has fared as well as an area could during the economic downturn.
Sales prices for homes in the area have grown fifteen percent over the last five years compared to the city overall, which has seen a decline of nearly thirty percent since 2005.
“There’s still not a great amount of inventory, which has kept prices from dropping as much as in other areas,†Wendy Kirshner of The Kirshner Group reports. “Due to the pent up demand, interest rates still being very low and a lot of buyers wanting property, I see a very positive forecast.â€
The average home in the 90049 ZIP Code sold for $1.6 million in the first quarter of 2010, up over the same time period in 2009, but because of the huge range of housing options in the area — from condos to gated estates — the average price of residences can vacillate significantly.
A house that is priced properly can draw multiple offers. From a buyer’s point of view, the timing seems outstanding.
Kirshner points out that historically the market peaks, then declines or corrects itself and eventually reaches a new height that tops the previous. It’s unclear if or when that cycle will repeat this time.
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