thegoodlife

A boutique real estate brokerage servicing LA’s Eastside & beyond

Los Angeles Market Update

Price reductions have hit Los Angeles! Is it because the market is cooling or is it because some homes were priced unrealistically high to begin with? We think the latter. Stats show Eastside homes are still in historically low supply, with about 1-2 months of inventory available and roughly 11% less homes on the market than this time last year. Interest rates have gone up significantly, cooling things ever so slightly but since so many LA sales are cash we’re not sure rate increases will have the intended impact.

Bidding wars are still more common than not, though the average home currently sells for about 8% over ask in comparison to spring’s 20% over ask. Don’t get me wrong, we love a good ol’ fashioned bidding war but we’re kind of excited to see things normalizing a bit from the previous season’s 30-50 offers per home. 

Is now a good time to buy? Regardless of interest rates or supply levels, we think its always a good time to pay your own house payment instead of burning your money away paying your landlord’s. Feelings? Thoughts? Hit us up, let’s chat!

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