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| LA County House Snapshot for 2020 |
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Last year saw a consistent dip in all housing metrics after the beginning of the pandemic shutdown, but then a recovery began mid-year that hasn't stopped since. The current market is marked with multiple offers and prices shooting upward since the end of January 2021. The close of February showed an
average house price for the County sitting at
$1,232,890, an increase of 23% over one year ago, while the median price was $830,000. February's average County-wide home price of $1,232,890 exceeds any average home price since 2008 and before. Some of the properties are seeing an increase of $50,000 sale price over list price, while others are selling at or just above list price; one property in California Heights in Long Beach was listed at $699,000 and sold for $850,000. It's not unusual for 15-20 offers or more, for houses that are move-in ready and partially or fully upgraded. Months inventory, meaning how many houses are actually available for sale, is critically low, and it is this low inventory that fuels the upward price surge. For January and February, months supply is 1.8 months (normal inventory supply is 6 months, but that's been gone since 2012). Interest rates have been well below 3%, but with a recent increase in rates, mortgage applications have slowed. If you would like a market evaluation for your home or condominium, please contact me. It's an ideal time to sell.
Julia Huntsman, REALTOR, Broker |
www.juliahuntsman.com |
562-896-2609 |
California Lic. #01188996
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