By Adrian Bates
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Real estate trends to expect in Los Angeles
eleased by California Association Realtors in June 2021, Los Angeles the median price is a 23.1 percent gain over last year’s price. This has placed Los Angeles in the top three most expensive cities in California. As per the report, Los Angeles has a housing demand and the market is moving fast. The single-family median prices have increased by 31.1 percent to 725,680. This has marked a sales increment of 80.7 year over year. The condominium median price has increased by 23.1 percent. A sales increment of 148.1 year over year. As published by NeighborhoodScout.com, Los Angeles has appreciated by 99.05 percent which is equivalent to a 7.13 percent rate annually. For this, it has been placed in the top 10 percent nationally for Real estate appreciation. Like most economies in the country, Los Angeles’ economy was impacted by the 2020 coronavirus pandemic. The shutdown during the first phase of coronavirus resulted in a 31.5 year-over-year WWW.THEPOWERISNOW.COM
decrease. The Existing Single-family home sales showed a drop of 5.2 percent year over year and the median price increased by 7.9 percent. Los Angeles has a Monthly Supply Inventory (MSI) of 1.9 months, making it a seller’s market. This is according to statistics released by Realtors.com in May 2021. This supply inventory is not likely to rise soon. For the demand-supply to be at a balance, the supply inventory should be between 5 to 7 months worth of supply. There’s, therefore, no hope of shifting from the seller’s market any time soon. In a seller’s market there exists a higher number of buyers than the houses available for sale. One of the main reasons for low supply is little to no or few constructions of new homes that have led to fewer homes available for listing. The increased number of home buyers has been caused by the low mortgage rates offered. Most buyers are therefore able to borrow l
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