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This week, the median list price for homes in Los Angeles is holding strong at $1,477,000, and our Market Action Index (MAI) is sitting at a steady 40, just like last month. Let's dive into what this means for you.
First off, we've seen a bit of a shift in inventory - it's down to 1,202 homes available for sale. In recent weeks, the market has found a sort of balance between sales and available homes. However, here's the key takeaway: even though things have settled a bit, our inventory is still on the lower side, keeping us comfortably in the Seller's Market zone.
For sellers, this is good news! Low inventory often translates to higher demand for your property. But, here's the tip: keep a close eye on changes in the Market Action Index. If it starts to climb, get ready for potential upward movement in prices.
Buyers, pay attention too! With the market in the Seller's Zone, it might be a bit competitive, but don't lose hope. If the market heats up, prices could start to climb again, so timing is everything.
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In summary, the current real estate market in Los Angeles is favoring sellers due to low inventory and sustained demand. Sellers should stay vigilant for potential price increases, while buyers should be strategic in navigating a competitive market.
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Real Estate Agent & Advisor
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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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