April and this year’s 2nd Quarter open up just as LA continues to feel itself opening up around the city as restaurants now allow indoor dining and traffic grows at every intersection and major highway as citizens rally from their homes into a very welcome Spring 2021.
The Real Estate market has enjoyed a rally of its own, since the beginning of the Pandemic and it continues to roll forward with increasing sales prices, increased Buyer demand and less inventory. Could it be the perfect storm? Too early to tell.
Bragging rights for Los Angeles as ranking in the Top 10 World Cities for residential growth in 2020 (LA was #8). Number 1 was Auckland, while others were Toronto, Zurich and Shanghai. LA was the only US city on the chart!
Closer to home, the median sales price for homes in our city rose approx. 14% over same time last year. Inventory has dropped up to 26% in some neighborhoods causing high demand and multiple offers on any new market arrival. Mortgage Rates increased, which caused concern, but federal forecasts state it unlikely rates will rise much higher in remainder of ’21, leaving more encouragement for the buying spree to continue.
-Ernie
