The chart below provides an overview of single family home sales in Los Angeles County over the past three years up to August 2017.
The number of homes sold jumped 14.8% from July to August and the number of sales is up 4% over the same period, January through August of 2016.
Unsold inventory is the measure we use to gauge how long it will take to sell the current number of homes on the market. One to four months indicates it is a sellers’ market. Four to seven months is a balanced market and over seven months points towards a buyers’ market. 2.8 months of inventory indicates that L.A. County is still in a very strong sellers’ market, with the number of homes for sale dropping 14.8% over July and 15.6% over August 2016.
Homes are also selling faster. The median number of days homes remain on the market is 18. This is 4.9% more than July and 55% less than August 2016.
What does all this mean? If you are buying a home in the Los Angeles area then you will be faced with stiff competition and need to make sure that you are fully prepared to move on making an offer should you find the home you love. You don’t want to be struggling to find out if you qualify for a loan at the last minute. Someone else will have swooped in and made a successful offer on your home.
If you are selling your home with this knowledge don’t be tempted to put a sign in your yard, overprice your home and expect the offers to come pouring in. Sellers’ market or not buyers are not going to overpay, and your home needs to be prepared to reflect the amount you are asking. Do those obvious repairs and complete those touches that will make your home shine.
The right time to buy and sell is when you are ready. Make the most of your opportunity.
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