Housing Supply Stats for Los Angeles County, as of February 2021

LA County 2/21 Housing Supply

This graphic for Los Angeles County quickly shows a 27% decrease in listings compared to February of 2020.  This is a theme repeated over and over throughout other cities and the state. The top right bar graphs show in green where listings are this year compared to last year in red.  Last year's Time Trend show the huge dip as the pandemic conditions were being dealt with, and then an increase above the line  for 2021, but no where near the activity for 2020, shown in green bars. 

The pricing on Active Listings demonstrates the under-$200,000 market is very slim, with approximately one-third of the market priced between $300,000-$750,000, another (approximately) one-third between $1.0 million to $1.5 million, and the remaining third priced over $2,000,000.  All price ranges see a decrease in numbers of listings, but the largest deficit is in the lowest end of the market.

 

 

In the Home Price Interactive, the bottom right graph

Income vs. loan payment, LA County

shows how income has risen in Los Angeles County since before 2000, from $35,000 annually, up to the present $75,000 annual income.  But the payment line (green) has dipped up and down over time, reflecting the downtimes of the Great Recession and foreclosures after 2007, and  recovery period after that.  But according to this graph, the difference between current mortgage payment levels and annual income is at a midpoint, similar to the loan payment-annual income scenario prior to 2000.

 

 

 

 

 For a home valuation, please go to my website for an automated valuation, or contact me directly for a comparative market analysis.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

Fire Protection: Home Hardening Law for 2021 in California

Are you a property owner who's considered fire resistant materials for your home? If you already have made certain changes, you're probably closer to protecting your property in case of wildfire. Wildfires are not just in a certain part of the state, for instance, they could happen anywhere you live near brush and vegetation. A new law came into effect January 1, 2021 that requires a disclosure for properties that are:

• Within high or very high fire hazard zones 

• Built before 2010 

• Residential one to four properties; condominiums or other common interest development units; or manufactured homes    

The fire zones are disclosed in the natural hazard disclosure statements required in property transactions, where the box is checked on the form for which zone(s) the property is in.  Natural Hazard Disclosure reports and statements, required in California, are most often completed by professional sources which assume the liability for and have access to statewide reports concerning the hazard zones and required disclosures in California law.  California Association of Realtors now includes a disclosure form for sellers as part of their transactional documentation in a sale to cover requirements under the new law.

Fire hardening measures include Class A fire rate roofing materials (composition, tiles, steel), using 1/8" mesh at chimneys and vents, using screens over rain gutters, keeping vegetation at least 5 feet from the property, and multi-paned tempered glass.  

Parts of Los Angeles and Orange Counties may be significant for taking measures, but even in non-high-fire zones, they are a good idea for overall home maintenance and protection.

CalFire's website https://www.readyforwildfire.org/ contains this agency's advice on preparing for wildfire.

 Julia Huntsman, REALTOR, Broker www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

2020 Single Family Review for Los Angeles County

LA County House Snapshot for 2020

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