We often post on our Three Sixty South Bay real estate site about the latest listing in the gated community.....then days later we're usually writing about it going into escrow.
At the moment that just doesn't seem to be the case. As of August 28 there are 4
current active listings on the market. 2 of them are fairly new listings but 2 have been on the market for quite a while. One of them is a "usually" highly sought after top floor condo that, in our opinion, is priced well. That condo continues to languish on the market at 218 days and counting. In a community where 10 days on the market is surpising....that's pretty shocking.
What's causing this slow down?
We think that a number of factors are at play. The first is interest rates of course. We've had several buyers tell us that they are going to wait a while for rates to drop. The second factor is buyer burn out. It was such a competitive market for buyers for so long, that some just burned out on the offer, counter, bidding war, etc. that they simply gave up. Obviously it would be a great time for them to jump back in. Last factor is likely timing as the community is part of the award winning Wiseburn School District and now that they're back in school, and the summer buying season is winding down....there are just fewer buyers.
We've been selling in this community since it was first built and this is certainly not the first time there's been a lull. Several times in the past when the first home sells, it's like dominoes and there can be a frenzy for the remaining listings.....it doesn't quite feel like that this time but we'll have to wait and see.
Three Sixty is a gated community built around 2014 in the Hollyglen neighborhood of Hawthorne CA. Hawthorne real estate is quite diverse with Three Sixty located in the most sought after and expensive area of the community.
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