Los Angeles Area Cost vs Value for 2024 Remodeling Jobs

Tired of this? Consider some upgrades

The annual report for Cost vs Value for the Los Angeles area is out. This is always a good resource for checking what certain projects might be for resale value.  Bear in mind that such returns are based on area, local supply costs, and local selling market for those improvements.

• One of the highest return items is the installation of a new steel entry door cost approximately $2400 with a resale value, according to this source, of $7210, or 300%. This item has been on the list for a few years as a good investment. 
• Manufactured stone veneer costing $12,000 brings a resale value of over $26,000, or a 220% return.
• Garage door replacement, another key trend for several years, with a cost of $4300 is listed with a resale value of over $12,000, or over 293%. 
• A minor kitchen remodel costing about $28,000 is listed with a resale value of $39,000, or almost 140% increase.
• A composite deck addition costing over $24,000 brings a return of about over 86%, but a wood deck addition cost a few thousand less has an increased resale of over 120%. Maybe people just like wood, but it's susceptible to termite damage.
• Another good investment, in my opinion, are window replacements, and depending on which type you use, wood or vinyl, you may see a value increase between 83-90%.
• Primary suite additions are among the most expense on the list, and the returns are in the 44-61% range.
  

As above, keep in mind that certain improvements may not bring the resale value stated in this report, because the more properties in your area that feature certain improvements, the more they become the standard for the area--your reward may be in a faster offer and a quicker sale depending on the local demand for a particular feature.

To get detailed information on each of the 23 key trends used in this report, go to https://www.remodeling.hw.net to download the report.  

For more resources on job cost, go to my resource page at https://www.abodes.realestate/free--mostly--resources-for-you

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Long Beach Real Estate Market, October 2024

Long Beach Sales October 2024

 In October, the average sales price of a single family increased by 1.1% since one year ago, to $1,089,651.

The median SFR price for October was $940,000, an increase of 4.2% from one year ago.

For condos, both the median and average prices also increased, by 1.5% and 1.6% respectively, $559,000 and $619,000 respectively. 

 

The inventory of homes for sale increased also, an encouraging sign for buyers, by 3.1%, but at a total of 270 homes for the entire city, that's not such a very large number compared to other cities in some states. 

Note the small print at the bottom, that the sales price showing does not account for down payment assistance or seller concessions.  Many people may not know this, but seller concessions, i.e., repairs, seller contribution to buyer costs, are noted in the MLS separately when the property closes.  So an appraiser notes these concessions and subtracts that figure for the net amount of the sale price of the property.  And, broker compensation has always been calculated into final sales figures, so knowing that amount is of significance to all parties as well.

In the coming 2025 year, increased inventory, lower interest rates and a strong economy will create a more viable real estate market.  Supply and demand are always the key driving factors, so greater supply helps both buyers and sellers.

If you would like to know your home value, even if you're not sure about selling, but perhaps for insurance purposes, or any other reason, just  contact me or use the property search on my website to review the market in your area.  Go to https://www.abodes.realestate/mls-property-search

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

September Sales Data Graphic for Long Beach California

 

Seller Guide Graphic

September 2024 sales data in Long Beach California shows a climbing 3 year price trend using price per square foot for single family homes, an increasing number of days on the market and more homes selling under list price as over list price. Properties on the market longer than 5 weeks amounted to 65% of the listings. Price per square foot is more commonly used in commercial listings, but here it's an additional way of showing the overall price increase in single family homes.

The average price of a single family home in Long Beach in September was $1,105,665 the condo average was $571,828.

Yes, there are homes lower than $1,000,000, and it's even possible to use FHA financing (3.5% down payment) in the higher brackets. Please contact me if you are interested in finding out more! Or go to my website below to use the property search which has the latest information from the MLS.
 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996