Recently Compass California Real Estate issued a 4th quarter report on the sales activity in the larger Los Angeles area. The report heralds a favorable start to 2020 with overall sales increasing more than 7%, although the average home sales prices varied from market to market. Here is a brief summary of a few areas:
- South Bay: Healthy increase in demand and activity over last year.
- San Fernando Valley: varied widely from one area to the next, with both increases and sharp declines.
- Westside communities: Small increase of 2%. Single family residences in Westwood and Century City had price increases of 15% and condominiums increased 17%. Culver City, a popular area for Millennials, enjoyed a 20% price increase from last year for condos and single-family homes rose 19%
- Coastal communities: Activity was mixed with only 2% increase in sales compared to last year. Sales prices rose 12%, however.
- San Fernando Valley: The West saw an 8% increase in activity driven by strong condo sales. The overall sales price slowed to a 5% increase over last year. The East market for single family homes was strong, but further east (e.g. Glendale, Burbank) sales activity fell because of inventory shortages.
- South Bay: Home sales activity was energetic, up 17% from last year. Among the standouts was Playa Del Rey (233%) and Playa Vista (75%) thanks to more companies opening shop in “Silicon Beach”.
What can we take from this recap of the last quarter? It appears that hopeful buyers have returned to the market especially where prices have softened. Homebuyers should take note that current housing conditions remain favorable as we launch into 2020.
Get out there and sell your property if you’ve considered doing this; Get out there and by your new home or investment property – don’t wait, the time is now.