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The supply of homes in LA is slowly increasing. More homeowners are realizing that their property may have more equity because home prices are starting to go upward.
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The fact of the matter is that no one can predict these things. The best thing to do is to look at your situation and make a decision based on that.
If you want some help with that please feel free click on my picture to contact me.
Property inventories have been low all this year and the better part of last year from Westchester to Santa Monica and the Westside. This seems to have contributed to significant price increases almost monthly in most areas since the beginning of 2013 and the upward trend was already evident in 2012.
Though sales seem to be leveling off and maybe even cooling slightly over the last few months prices in many areas are now over their previous highs at the end of the 'housing bubble' in 2007-2008. Venice in particular has experienced explosive appreciation over the last year or so and the more affordable neighborhoods have also seen strong gains.
As for inventories... many houses have been coming up for sale only to be quickly snapped up in what has been an extremely active market. No one has a crystal ball when it comes to predicting what will happen in the coming year, but I expect a lot more properties to come on the market as more owners become aware of the substantial recovery in these areas.
Though conventional wisdom will tell you that this may result in price reductions I don't think that this is necessarily the way things will play out here.
The neighborhoods with the greatest relative increases are still in the highest demand and are likely to stay that way. Venice is still gentrifying and this process will take years to finish. Also, more affordable areas like Westchester, Palms, Mar Vista, and a few less expensive parts of Santa Monica are basically coastal communities which I feel are likely to hold onto their gained values... houses for around a million dollars and less close to the water are still a bargain any way you look at it.
Many of the more upscale areas including the Marina Peninsula, much of Santa Monica, and Pacific Palisades made more modest, but equally significant gains which I don't think are likely to be lost for the same reason. They just aren't making any more coastal land and the all these properties are part of the core L.A. Basin market which with the exception of other popular coastal communities generally enjoys much higher values than the rest of Metro L.A./Orange County... all things being equal.
Unfortunately, this is the catch. While the housing market has been booming on the Westside gains have been less spectacular in other parts of the country and the overall economy both here and abroad has remained weak according to many experts. However, I think that there are still a lot of home owners who have been sitting on the sidelines over the last five years who will have good reason to sell whatever happens.
(There's also the 'shadow inventory' of repossessed homes held by the banks to consider which could affect prices if they're dumped on the market too quickly.)
Yes...inventory of homes on the market has been low. When new listings come on the market that are priced appropriately, they sell very quickly, mostly with multiple offers...so the price may go up a bit.
However, if a home is overpriced, they sit on the market for extended time.
What is it that you are interested in achieving? Information? Listing a home for sale? Purchasing a home?
Feel free to contact me directly if I may be of service to you.
My web link is below.
All the best,
Kat Becker, Realtor
Berkshire Hathaway HomeServices
The inventory in Los Angeles has been low for the past year or so.
It's hard to say if it will change drastically next year, but typically not as many people sell during the winter/holiday season, so there may be more homes coming on the market in January.
Feel free to contact me directly at (310) 717-1321 or JamieTian@RodeoRE.com with any further questions/concerns. I would also be happy to email you a complete list of the homes currently on the market that fit your search criteria and keep you updated regarding any new homes that come on the market.
Rodeo Realty Sunset Strip
If you'd like info/stats on a specific area, please feel free to shoot me an email with the area and any questions you may have. Happy to assist.