California home prices reach a new all time high again in May

The California Association of Realtors reported that existing home sales totaled 445,680 on a seasonally adjusted annualized rate in May. That marked a month-over-month decrease of 2.7% from the near record number of homes sold in April. Year-over-year the number of sales were up 86.7% from last May when home sales dropped due to the pandemic.

The median price paid for an existing home in May was $818,260, up  from April’s $813,980 median price. Year-over-year the median price increased 39.1% from last May when the median price was $588,070. May marked the highest year-over year gain in prices ever recorded, and the second straight month of year-over-year gains of over 30% in the median price, also a record.

The California Association of Realtors tracks inventory levels based on how many months it would take to sell the active listings in all MLS systems at the current sales level. There was a 1.8 month supply of homes for sale in May, up from 1.6 months in April. There was a 3.2 month supply of homes for sale last May.

The average 30-year fixed mortgage rate in May was 2.96%,down from 3.16% in May 2020

Below are median price and sales data by county.

Open House Guidance

All counties

1. Face masks are required while inside the house. Today’s CDC face mask changes for vaccinated people does not apply, and does not change the requirement of face masks at all times while at the open house

2. All visitors must maintain at least six feet social distance with the exception of people living together in the same household while inside the home.

3. You are required to post the Posted Rules of Entry PRE and the BPPP on the door.

4. As of this moment either the Property Sign In form (PSI)or a PEAD ALL is still required. This could change any day.

5. As of now you are still required to clean and sanitize. The new rule is to clean anytime anyone touches anything, and at least once per day. We expect a change to this very soon. Either way you are required to have hand sanitizer at the entry and around the house.

6.  No refreshments should be served or consumed inside the home, as that would require removing the mask. You may serve outside, but everything should be individually wrapped servings. No self-serve.

7. You may use brochures.

8. The number of people permitted to be inside the home at any time is defined as a percentage of the maximum occupancy. Unfortunately, it’s hard to know what the maximum occupancy is. There is precedence for us to adopt a formula tied to house size. The formula is two people per bedroom and one person for each additional room.

So, if it’s four bedrooms plus a living room, family room, dining room, two baths, and kitchen the maximum occupancy would be 14. Four bedrooms x 2 = 8 + 1 living room + 1 family room + 1 dining room + 1 kitchen + 2 bathrooms = 14

Currently, Los Angeles County is in the Yellow Tier. Yellow tier permits 59% of maximum occupancy not to exceed 50 people for an indoor gathering. So, with the above home 14 x 50% would be up to 7 people in the home at a time.

Orange County and Ventura County are in the orange tier. That calls for 25% of maximum occupancy not to exceed 25 people. So, with the above explanation 14 x 25% would be 4 at a time. This may be a hard number to do. We expect these counties to move to yellow soon.

(I feel it’s ok to round up to the next person)

This calculation may change as we all digest how to calculate the maximum.

The California Association of Realtors reported that 27% of householdscould afford to purchase a $740,490 median-priced home in the first quarter of 2021, down from 35% in the first quarter of 2020, and unchanged from the fourth-quarter of 2020.

A median income of $131,200 was needed to make a monthly payment of $3,280. That included principal, interest and taxes on a 30-year fixed-rate mortgage at a rate of 3.08%.

Condominiums and townhomes were more affordable. 40% of households were able to purchase a median price condo or townhome. It  required an annual income of $97,600 to make the monthly payment of $2,440.

Below is regional data for Southern California affordability.

 

California home sales and prices continue to surge in April – The California Association of Realtors reported that existing home sales totaled 458,170 on a seasonally adjusted annualized rate in April. That marked a month-over-month increase of 2.6% from the number of homes sold in March. Year-over-year the number of sales were up 65.1% from last April when sales dropped over 30% from April 2019 to an annualized rate of just 277,400 homes sold due to the pandemic.

The median price paid for a home in April was $813,980, up 7.4% from March’s $758,990 median price. Year-over-year the median price increased 34.2% from last April when the median price was $606,410. April marked the highest year-over-year gain in prices ever recorded.  It should be noted that even though the number of sales were down in April 2020 from the previous April because of the pandemic, the median sales price was up year-over-year, so a 34.2% increase is remarkable.

The California Association of Realtors tracks inventory levels based on how many months it would take to sell the active listings in all MLS systems at the current sales level. There was just a 1.6 month supply of homes for sale in April, almost unchanged from 1.7 months in March. There was a 3.4 month supply of homes for sale last April.

The Department of Public Health update states: “In-person showings of properties, like open houses, are permitted and must follow the indoor gatherings capacity limits in the CDPH gatherings guidance.”

Here is a list of places in Los Angeles where you can go out and dine this weekend!

Nusr-Et Steakhouse, Beverly Hills Where: 184-88 N Canon Dr, Beverly Hills, CA 90210 Nusr-Et Steakhouse is known for its top-quality steaks, unprecedented service, and boutique concept. You may also recognize the owner, internet celebrity Nusret Gökçe, also known as #SaltBae.

Spago – Beverly Hills Where: 176 N Canon Dr, Beverly Hills, CA 90210 This is the flagship restaurant of Wolfgang Puck. It’s among the most famous restaurants in Los Angeles. It is located at 176 N Canon Drive which is just north of Wilshire Boulevard in the famous Beverly Hills Triangle. Not only do they serve an iconic menu, the service, presentation, décor, and layout of the restaurant are second to none!

Peddlers Fork Where: 23504 Calabasas Rd, Calabasas, CA 91302 Locally sourced New American meals served in a rustic space with an adjacent bike shop.

The Six Chow House Calabasas Where: 23536 Calabasas Rd, Calabasas, CA 91302 Modern locavore eatery doling out inventive American grub & booze in a cool, casual environment.

Summer Vacation: Santa Barbara Want to take a vacation but don’t want to jump on a plane? Sometimes what we are looking for is right in our own backyard! For over a century Santa Barbara has famously been referred to as The American Riviera as early visitors saw so much of a resemblance to the French Riviera. There is so much to do in Santa Barbara! Here are some five-star world-class hotel choices and a couple of four-star choices. Belmond El Encanto Belmond El Encanto This five-star resort advertises itself as one of California’s most indulgent hideaways and it’s true! It’s an architectural masterpiece. Every part of its original 1920’s glory still remains, but it’s been meticulously restored. It boasts separate bungalows with fireplaces and patios, a full spa, dramatic pool and lounge areas overlooking Santa Barbara and the Pacific Ocean, award wining dining and more. Peached in the Santa Barbara foothills just above State Street it’s a quite forest setting just above downtown!

San Ysidro Ranch San Ysidro Ranch Located in the historic Montecito area of Santa Barbara this five star resort boasts 41 individually decorated private cottages winding along San Ysidro’s hillside creek. This romantic getaway has a rich history. It was the spot John and Jackie Kennedy chose to spend their honeymoon! Just because it’s close doesn’t mean it’s not among the best in the world! The four Seasons Biltmore Santa Barbara The four Seasons Biltmore Santa Barbara It doesn’t get better than this! The Biltmore is a five star resort tucked in between the beach and the San Ynez mountains spanning 22 acres! Its Spanish colonial villas and bungalows are updated but, are still reminiscent of what made this historic landmark a Hollywood favorite since the 1930’s. The Ritz Carlton Bacara Santa Barbara The four Seasons Biltmore Santa Barbara Located adjacent to the famous Sandpiper Golf Course this five star resort will match the best Hawaiian resorts without the flight! It spans 78 beachfront acres on the Gaviota Coast just north of Santa Barbara. Here you can escape to its two beaches, three pools or you can pamper yourself in the resort’s 42,000 square foot spa! Fess Parker Santa Barbara Doubletree Hotel by Hilton Fess Parker Santa Barbara Doubletree Hotel by Hilton The Fess Parker Santa Barbara is in a great East Beach location. This four star resort is close to everything and has been a favorite for years. It’s convienent of Cabrillo Pavillon, Presidio Santa Barbara, The Mission, Downtown and more! Fess Parker Santa Barbara Doubletree Hotel by Hilton Rosewood Miramar Beach Montecoto This five star hotel was just completed and sits on the former site of the Miramar By The Sea Hotel. It is a luxury resort with 124 rooms, and 37 spacious suites, a full wellness center and cabins lined pools, sitting on the beautiful Miramar Beach. This Caruso developed resort offers true pampering and luxury!

Weekend Events: May 7 – May 9

Check out these events happening in Los Angeles this weekend May 7 – May 9!

The Comedy Store Reopening “Best of the store” The Comedy Store is a world-famous comedy club located in West Hollywood at 8433 Sunset Boulevard on the Sunset Strip. The reopening of comedy’s capital is a fantastic way to spend a Saturday Night laughing at some great jokes. Tickets for this indoor seated live event must be purchased in advance. There will be no tickets sold at the door and no stand-by lines. No parties over 4 people.

First Fridays at the Natural History Museum The Natural History Museum’s in-person First Fridays may have gone the way of the dodo, but the museum isn’t letting the after-hours event go totally extinct-instead, it’s digging it up and brushing it off for an online presentation. NHM First Fridays Connected will assemble speakers for Zoom webinars alongside a dance party on YouTube. And best of all: It’s all entirely free to attend (though reservations are required).

Rooftop Cinema Club The masters of alfresco rooftop movie viewing have returned, with both a Santa Monica drive-in and a new rooftop in El Segundo (the typical Hollywood and DTLA locations are still on hold for now). You’ll find the rooftop screenings in a warehouse district of El Segundo, on the fourth floor of a parking garage (1310 E Franklin Ave) that’s been remade into socially distanced alfresco cinema. You’ll find all of the RCC fixtures here, including wireless headphones, lounge seats (or loveseats), popcorn, a full bar, lawn games and pizza from the Urban Oven.

Transcend time and space with immersion into Elsewhere at the Madcap Motel There’s no better escape from the mundane than exploring a mystical submarine inside a time portal, right? Not just another “selfie-museum,” Elsewhere at the Madcap Motel combines experiential trends such as Instagram playgrounds, escape rooms, and immersive theater into a wondrous, ethereal experience. Through a seemingly normal 1960’s-themed motel room, guests merge through different dimensions to uncover an interactive series of 19 whimsical and thought-provoking adventures.

With the new year at hand, that means it is a new month of streaming releases. Check out these January releases across all major streaming platforms. From the highly anticipated Wandavision to a classic like Godfellas, you will be sure to stay entertained this month. 

WandaVision

Where to Watch: Disney+ 

This is a blend of classic television and the Marvel Cinematic Universe in which Wanda Maximoff (Elizabeth Olsen) and Vision (Paul Bettany) — two super-powered beings living idealized suburban lives — begin to suspect that everything is not as it seems. 

Headspace: Guide to Meditation

Where to Watch: Netflix 

Take a deep breath and start off 2021 by being kind to your mind. Over the course of eight animated episodes, Andy Puddicombe — former Buddhist monk and co-founder of the globally beloved Headspace meditation app — takes viewers through the benefits and science behind meditation.  

Goodfellas

Where to Watch: Netflix

The dramatized version of Henry Hill’s exploits with the mafia has become one of the most revered mob films ever made.

 Dr. Seuss’ Horton Hears a Who!

Where to Watch: Disney+ 

Based on the beloved children’s book, an elephant becomes a reluctant hero when he discovers the microscopic city of Who-ville and embarks on an adventure to save the tiny town from the dangers of the jungle. (Disney +)