Are you a Los Angeles homeowner considering putting their home on the market? Have you been thinking about the possibility for quite a while? Was the situation was not right, or were you waiting out the market? If the latter is true, and coincidentally any barriers to selling have been removed, now is a great time.
Why is that?
Let’s take a look at the numbers for single family homes taken from a sampling of the major Los Angeles communities:
The median home prices are up 20% over a year ago. August shows a 9.23% over the previous month and a 22.90% over the beginning of the year.
New properties coming on the market per month has dropped 19% over the previous year. August dropped 35.21% over the previous month and 26.25% over the beginning of the year.
The average days the homes are staying on the market dropped by 10% over the previous year. It dropped by 23.21% over the beginning of the year but was up 6% over the previous month.
The months supply of inventory is down 3% over the previous year, 12.7% over the previous month and 4.17 over the beginning of the year. The months supply of inventory indicates how long it will take to sell the existing inventory. Anything under 5 months indicates a sellers’ market which this most definitely is.
So, if you are thinking of selling your Los Angeles home, with mortgage rates still low and this shortage of inventory, this is a good time.
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