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What’s Happening in the South LA County Market?
Manage episode 176892747 series 1227310
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Today, I’ll go over the latest numbers from the South LA County real estate market.
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What’s happening in the real estate market here in South LA County? Right now, there are 1,107 homes for sale. Compared to the 1,253 homes on the market at this time last year, we have seen an 11.7% dip in the number of homes for sale, which is just one indication that we are in a very strong seller’s market. We have about 800 new listings coming on the market every month. Last year, there were 1,020 new listings each month, so new listings have dropped by 27.5%. Again, that just shows that we continue to be in a strong seller’s market. On the other hand, closed sales slightly increased, with 524 units sold each month last year to 537 units sold so far this year. That is an increase of about 2.5%, which means that buyers need to get serious about whether or not they will come into the market. We are averaging about 758 pending transactions per month, which is a 4.5% decrease from the 792 pending transactions at this time last year. This tells us that we have less inventory available in the current market.
How much inventory do we have? Right now, we have 2.1 months of inventory available, which is down from 2.4 months the previous year. In short, this means that if no other properties came on the market, we would sell all of our inventory in just over two months, which places us in a very strong seller’s market. The current mortgage rate for a 30-year fixed mortgage is about 4.19%, and the rate for a 15-year mortgage is at 3.41%. Those rates are fluctuating slightly now that the Fed has raised their rates, but generally speaking, they are fairly stable, which is good news for buyers. If you have any other questions about buying or selling a home in our current market, please don’t hesitate to reach out to me. I would be happy to help you!
We are in a very strong seller’s market.
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