The Real Estate Market in Los Angeles County is Booming
Things are looking up for the real estate market in Los Angeles County. The California Association of Realtors (CAR) reported an increase in real estate prices and sales last month. The median price of a single-family home in Los Angeles County in March was $465,810. That’s a 5.5% increase over the price in March of 2016. The number of homes sold also increased 45.3% over February of this year and 8.4% over a year ago.
Martin Feinberg, Realtor, is excited to see what this means for Culver City Real Estate. Culver City is located in Los Angeles County.
According to CAR President Geoff McIntosh, “March’s solid sales performance was likely influenced by the specter of higher interest rates, which may have pushed buyers off the sidelines and (to) close escrow before rates moved higher. The strong housing demand, coupled with a shortage of available homes for sale, is pushing prices higher as would-be buyers try to purchase before affordability gets worse.”
The outlook for the rest of California appears to be following the same trend as Los Angeles County. Median house prices last month were up 6.8% above what they were last year for the state. The number of sold homes increased by 6.9% over the same period last year.
Townhomes and Condominiums prices and sales are up as well for California. The average price for March was $430, 620, which is a 7.6% increase from last year. Condo sales are especially doing well, with a 46.8% increase from February.
California’s unsold inventory is at its lowest level this year and at its third-lowest level in over three years. The CAR’s index of unsold inventory—which is a measure of the number of months needed to sell the supply of homes on the market in California at the current sales rate—dropped to three months in March. In March of 2016 it stood at 3.6 months.
Martin Feinberg, Culver City Realtor, agrees that this is an excellent time to engage the real estate market in Los Angeles County. Give him a call at 310-729-6573 to make your real estate dreams come true!