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Hey there and welcome to spooky season! The weather's cooling down and we’re in an outdoor dining sweet spot. October in LA means pumpkin patches, haunted festivals, Spirit Halloween store takeovers, and maybe even a few costume parties. We’re taking our toddler trick-or-treating for the first time in a fancy part of town - maybe he’ll get an açaí bowl!
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The median list price for homes in Los Angeles is currently $1,595,000. Our Market Action Index (MAI) is at 37, which is a slight drop from last month’s index of 38. This indicates that the market is gradually cooling down.
Inventory, or the number of homes for sale, has increased to 1,693. With more homes on the market, we’ve seen prices level off recently, meaning they haven’t been increasing like they used to.
Despite the MAI's consistent decrease, we’re still in what’s considered a Seller’s Market. This means that, overall, sellers still have the advantage due to ongoing demand.
Here’s what to keep an eye on moving forward:
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If the MAI starts to rise again, it could signal that demand is picking up, which would likely lead to an increase in prices.
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If the MAI continues to drop or falls into the Buyer’s zone (below 30), we might see downward pressure on prices, indicating buyers could have the upper hand.
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In summary, while the market is cooling and prices have plateaued, we remain in a Seller’s Market. Keeping an eye on the MAI will help you understand potential future trends in pricing. If you have any questions or need guidance, I’m here to help you navigate this changing 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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