LA REAL ESTATE MARKET UPDATE: 1st Half of 2015
Current Activity- Today's market is very active. Los Angeles just saw more properties enter escrow in June, than it has in over 2 years. We are still in a strong sellers market. This means there are more buyers than there are sellers, thus creating multiple offers on properties that are priced at market value and are in good condition.
SELLERS: Just because we are in a sellers market, buyers are still being very picky. Your home must be priced well and show well. Trust your Realtor on their advice. You can't underprice a home in this market!
BUYERS: Don't let multiple offers discourage you. Your offer does not have to be cash, or even the highest offer to get accepted. Sometimes a personal letter that the seller can relate to can do the trick. If your offer is not accepted, write a back up offer. We are seeing about 20% of escrows fall out and a back-up offer may be your way into home ownership!
Inventory- The amount of homes on the market remains below average. Our inventory has be very low for the last couple years. With Banks helping homeowners stay in their homes, and the economy not quite strong enough yet for move-up buyers to move to larger homes, inventory is staying low. We typically see an increase in the number of homes on the market in the Spring and Summer, but this year we are not.
Prices-We are starting to see another upswing in prices. This last Winter and Spring prices remained flat. However, Year over year, June 2014-June 2015, we have seen on average in Los Angeles, an 8% increase in home values.
The Second Half of 2015-
After studying the current market, and past trends, we anticipate staying in a sellers market, the inventory to remain low, and prices to continue to slowly rise.
~For more info or questions, please contact:
Anthony Vulin
310.569.1335