California statewide, including for Los Angeles real estate, the median price of existing single-family homes inched up 0.3 percent from August’s $343,820 median price to $345,000 in September. Although, Los Angeles real estate sales in September were down 5.2 percent compared with August and down 1.2 percent from September 2011.
Sales in the inland and coastal markets continue to move in different directions. Low inventory, especially in distressed areas, is dampening sales activity said C.A.R. President LeFrancis Arnold. In many of these areas, there is only a one- to two-month supply of REO homes on the market. Meanwhile, sales were higher in San Diego and most Bay Area counties, where the economies appear to be growing faster than the rest of the state.
Regardless, homes sold faster in September, with the median number of days it took to sell a single-family home falling to 39.3 days in September 2012 from 41.1 days in August and down from a revised 54.2 days for the same period a year ago. Meaning Los Angeles real estate buyers understand the market is more competitive now and they are making offers more quickly.
Hopefully the fact that California’s housing inventory eased slightly in September, edging up to 3.7 months from a revised 3.2 months in August and 5.3 months in September 2011, will give buyers more choices with less multiple offers. Especially where homes for sale are battled over in high demand areas such as Hollywood Hills, West Hollywood, Beverly Hills, Brentwood and the beach areas. According to the Unsold Inventory Index the normal Los Angeles real estate inventory supply is six to seven months.