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Spring is in full swing here in LA and there is a lot to be excited about! Time to bust out the allergy medication and enjoy all the great outdoor events coming up.
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This week, the median list price for homes in Los Angeles is holding strong at $1,599,999, and our trusty Market Action Index (MAI) is hanging around 40, just like last month. But what's the story behind these numbers, and what does it mean for you?
Well, let's talk inventory. We've seen a slight uptick, with the number of homes available for sale increasing to 1,143. Now, here's the interesting part: despite this increase, the market remains in a relative stasis. In other words, the balance between homes being sold and what's available for purchase has stayed pretty consistent.
But here's the kicker: even with this balance, we're still firmly planted in the Seller's Market zone. What does that mean for you? Well, if you're thinking of selling, it's good news! Low inventory often translates to higher demand for your property.
Now, let's talk prices. While they haven't been skyrocketing in recent weeks, they've also not been on the decline. They've essentially been holding steady. But here's the tip: keep a close eye on changes in the Market Action Index. If it starts trending upwards persistently, get ready! It could be a sign that prices are about to climb again.
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For buyers, this means staying vigilant. In a Seller's Market, competition can be fierce, but with inventory still on the lower side, there are still opportunities out there. Just be prepared to act fast when you find the right home.
In a nutshell, the LA real estate market remains active and dynamic. Whether you're buying or selling, staying informed and keeping an eye on key indicators like the MAI is crucial.
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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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