Los Angeles Real Estate Market Trends – John McQuilkin
Los Angeles Real Estate Market
The Los Angeles real estate market is hot! Homes all across the Los Angeles real estate market that are priced correctly are selling as fast as we Realtors can list them for sale. It also seems that history is repeating itself as these homes are selling with multiple offers. With lower inventory’s of homes available for sale, there is a mad scrabble to make an offer on those homes that do come on the market and are priced within range of the last comparable sale in the neighborhood. As a Realtor in Beverly Hills and one who keeps a keen eye on the Los Angeles real estate market trends and conditions I am seeing home prices continue to rise but not at as fast a clip as I had seen in the previous year.
Los Angeles Real Estate Market Compared to Orange and San Diego Counties
The June median rose to $447,180 in the Los Angeles metropolitan area, and $469,030 for Los Angeles County as a whole. The June median was $716,730 in Orange County, up from $696,680 in June 2014, and $569,530 in San Diego County, up from $531,350 one year earlier.
Los Angeles Real Estate Market According to the Chief
Leslie Appleton-Young, chief economist for California Association of Realtors, said June sales and price activity has helped trump a lackluster first quarter. “Overall, market fundamentals appear strong,” she said, with the only potential spoiler being housing supply.
If inventory constraints continue, housing supply could have an adverse effect on market conditions, she said.
Is it a good time to buy or sell a home in Los Angeles?
With the Los Angeles real estate market trends as it is, it is a great time to sell a home in Los Angeles! It’s a great time to purchase a home if you plan on staying in the home for seven years or more and you will be financing the home. With mortgage rates still at historic lows, locking in a low interest rate for 30 years may prove very prudent. If you are an all cash buyer you of course don’t have to worry about rising interest rates so holding off on purchasing a home may benefit you in the long run. As interest rates rise home prices should soften allowing you to purchase a home at a great discount than those dependent on financing.
John McQuilkin is a real estate agent at Rodeo Realty in Beverly Hills, California whose clients range from first time home buyers to high profile celebrity clients.