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February is here and love is in the air (as well as some light rain). Outside of the hyper-inflation of chocolate this month, there are a ton of exciting events and restaurants to discover around town.
Thank you everyone for all the amazing replies about recommendations you’ve tried and loved - nothing makes me happier!
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This week, the median list price for homes in the City of Angels is holding steady at $1,389,000, and our Market Action Index (MAI) is chilling at a cool 40, just like last month. Let's unpack what this means for you, whether you're looking to buy or sell.
First things first, our inventory has taken a bit of a dip, down to 1,005 homes. In recent weeks, the market has found a sweet spot - a relative stasis point, if you will. This means we've hit a balance between homes being sold and what's available on the market.
Now, here's the exciting part: despite this balance, we're still firmly planted in the Seller's Market zone. Why? Because our inventory is low. And for sellers, that's music to your ears! Low inventory often means higher demand for your property.
But, here's the pro tip: keep a close eye on changes in the Market Action Index. If it starts trending up, buckle up! It could be a sign that the market is heating up, and prices may start climbing again.
Buyers, don't be discouraged! In a Seller's Market, it can be a bit of a race, but with inventory on the lower side, there's still opportunity. Just stay vigilant and be ready to make your move.
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In summary, the current real estate market in Los Angeles is leaning towards sellers due to low inventory, and the Market Action Index suggests a seller-friendly environment. Both buyers and sellers should stay informed about changes in market conditions to make strategic decisions.
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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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