As we dive into the real estate data for Pico-Robertson, 90035, for July 2024, we see an active and competitive market. With an absorption rate of 47%, the neighborhood is teetering on the edge of being a seller's market. Out of the 19 active listings, 9 properties sold, with an average sales price of $1,795,000 and a swift average of just 22 days on the market (DOM). This robust absorption rate indicates strong demand, with nearly half of the available inventory being sold within the month.

What Does a 47% Absorption Rate Mean?

An absorption rate of 47% suggests that the market is leaning toward sellers, as a higher percentage of available homes are being sold within a short period. This figure indicates that buyers are actively seeking properties in Pico-Robertson, making it a competitive environment for those looking to purchase a home. Sellers can benefit from this demand, often receiving multiple offers or selling their homes quickly at or above asking price.

Impact of Statewide Actions on the Local Real Estate Market

One of the most significant recent developments affecting California's real estate landscape is Governor Gavin Newsom's directive to dismantle thousands of homeless encampments across the state. This action, prompted by a Supreme Court ruling that grants governments more authority to remove homeless individuals from public spaces, could have far-reaching effects on communities like Pico-Robertson.

Potential Impacts on Pico-Robertson and Surrounding Areas:

1. Improvement in Public Spaces:

   • With the removal of homeless encampments, residents may see an improvement in the cleanliness and safety of public areas. This could lead to an increase in property values as the neighborhood becomes more attractive to potential buyers.

2. Community Response and Dynamics:

   • The dismantling of encampments could lead to mixed reactions within the community. Some residents may welcome the changes, appreciating the efforts to address homelessness and improve public spaces. Others might express concern about the welfare of displaced individuals and the potential for new encampments to form in other areas.

3. Pressure on Housing and Services:

   • The displacement of homeless individuals may increase demand for affordable housing and social services in the area. This could lead to new development projects or initiatives aimed at providing housing solutions, potentially affecting the availability and pricing of properties.

4. Market Demand and Perception:

   • As the neighborhood experiences changes in public space management and cleanliness, there could be a shift in market demand. Buyers might be more attracted to Pico-Robertson, anticipating improvements in the quality of life and public infrastructure.

The Pico-Robertson real estate market in July 2024 is characterized by strong demand and rapid sales, as evidenced by the 47% absorption rate. However, the broader implications of state actions on homelessness could reshape the community in unexpected ways. As your trusted Realtor, I am here to help you navigate these changes and make informed decisions in this evolving market.

Whether you are looking to buy, sell, or simply understand the current market conditions, I'm here to provide you with the guidance and support you need. Let’s work together to achieve your real estate goals in Pico-Robertson.

All the best,

Nathan Derry, Realtor

📍JohnHart Real Estate

📞(424) 303-0440

📧 nathan@jhagents.com

👨🏽‍💻 itsnathanderry.com

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