Housing Market in Southern California is Poised for a Stronger Spring

More Inventory in Los Angeles??  Here’s to hoping!

After two years of slim pickings for Southern California home buyers, the supply of houses for sale may be starting to open up, at least a bit. And that could power the region’s housing market to a stronger spring.

 

– Selma Hepp, senior economist at C.A.R.

The fundamentals are good. But affordability is going to stare us right in the face again.

She goes on to say:  Measures of buyer interest — online real estate searches and open-house traffic — have jumped in recent weeks. If that activity translates into sales, it could put a new round of pressure on pricing.

The California Association of Realtors states that more sellers are coming out of the woodwork since prices are remaining high and the interest rates are still low.  The numbers of homes for sale in February are up by 9% in LA County compared to a year ago.

This is a great sign since many of homeowners held off on selling because there was nothing to buy.   The low inventory drove home prices through the roof!  In Marina del Rey the inventory is dismal with only 68 condos, 4 single family homes and 4 income properties on the market.  We are seeing a lot of pocket listings and off market sales coming through.  (always work with a local agent, we have the inside track)

Check out the full slightly optimistic housing article:  CLICK HERE

 

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