Summer Stacking Up . . .
The 2
nd
Quarter Real Estate Market results are in, and they paint an interesting picture of what we’re seeing out there in the marketplace. Some surprises -- and some disappointments.
Los Angeles At a Glance
Median Sales Price
1% increase
year-over-year (surprise, although meager)
Number of Sales
43.5% decrease
from 1
st
Qrtr to 2
nd
Qrtr (disappointment) - lowest number of 2
nd
Quarter sales, the Spring season, in 11 years
Days on Market
37 days
, a decrease from 1
st
Qrtr ‘s
68
days (surprise)
Month’s Supply
11.2 months
, 89% increase from 1
st
Qrtr. (disappointment)
Negotiability
5.3%,
perceived as a listing price “discount”. This is less than many expect, so take heed that this is the
average
percentage ---some homes are well priced and sell at list price, others sell at a noticeable discount due to initial overpricing or inherent flaws. The buyer must know the difference and be aware of market pricing in the specific area.
It’s interesting that new listings are selling quicker, yet there is statistic for increased supply, I believe this discrepancy is based purely on price. Sellers who are listing property at market-tuned pricing are seeing a swifter sale compared to overpriced listings that will now take much longer to sell as inventory
Stacks Up
.
The
silver lining
, if one can be found here, is that Los Angeles continues to benefit from its geographic preference compared to other large cities because of ocean proximity, less dense housing -- more single family than high rise orientation, and access to mountains, desert and other natural surroundings where good health pursuits are more easily realized. LA is receiving buyers from New York, and international consumers who want to live in our climate with access to all the resources named above.
We love our city
. We are here to help.
-Ernie
