April 2024: Los Angeles Market Update
As we entered April, the current landscape of the real estate market has evidently shifted. There are two movements at play: the increase of inventory and the decrease in listing prices. Both are positive news for fatigued buyers who have been searching for some time.
In Los Angeles County, we have seen an 8.6% increase in inventory from February to March. Furthermore, there has been a decrease in home prices as nearly 15% of California home sellers dropped their listing prices by the end of March. This has led savvy home buyers to swiftly make the most of these opportunities, increasing the percentage of houses sold in Los Angeles County to 18.9% while decreasing the average sale time by nearly 20%.
Despite the increasing inventory, decreasing home prices, and slowly increasing mortgage rates, the market has not fully shifted from a seller’s market to a neutral or buyer’s market. In prime neighborhoods, the right homes are still selling at premiums in multiple offer situations, which is beneficial for any sellers looking to make moves.
For any clients wishing to take advantage of the current market, whether selling or buying, it is still crucial to ensure you have the best team on your side, searching for exclusive opportunities and negotiating for the best deals. At Highland Premiere, we take great pride in our care for our clients and our ability to navigate the market adeptly to guide our clients towards success in these dynamic times. We are always here to help, so please do not ever hesitate to reach out, whether you are starting your real estate journey or just wish to gain some knowledge about the industry.
Read our April Newsletter Here
