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The holiday season is here, and with it comes the sparkle of lights, the unearthing of sweaters, and the sweet scent of pine in the air. While this might not be a winter wonderland, we have some pretty great festive events in town. Only in LA will you see someone order an iced peppermint hot chocolate and I love it.
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The median list price is $1,595,000, and the Market Action Index (MAI)—a measure of supply and demand—has dipped slightly to 36, down from 37 last month. Inventory has stayed steady at around 1,644 homes for sale.
What does this mean for buyers and sellers? Right now, the market is relatively balanced, with a stable relationship between the number of homes for sale and the number of buyers. However, inventory is still low enough to keep us in a Seller’s Market, which means sellers have the upper hand.
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If demand starts to heat up again (reflected by a rising MAI), we could see prices climb. For now, prices are holding steady, but any shift in the balance could change that. Whether you're buying or selling, it’s a great time to keep a close eye on the market!
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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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