Los Angeles County Real Estate Report
California is way too large to talk about the market as a whole. Los Angeles County is a market in itself.
In my immediate market area, the cities of Los Angeles, Santa Monica, Culver City, and Beverly Hills, things are rather slow due to lack of new inventory. Overpriced homes are still sitting and the ones that aren't are being snapped up.
Los Angeles County single family market is pretty stable. According to data provided by REALTX Real Time Public Records, 4,355 homes were sold in April 2009 and 4,356 in April, 2010. The median price was up 10% from $305,000 to $335,000.
The condominimum market is down slightly, 1,352 sold in April 2009 and 1,332 in April '10. The median price is also down 6% from $329,500 in '09 and $310,000 in '10.
Buyers are out buying now. They seem to realize that home prices are low enough and, of course, the interest rates are extremely attractive. The problem is there is very little new inventory and when that comes on the market at a good price a bidding war starts.
The luxury market is pretty much stagnant and very much a buyer's market. But at the prices there are few buyers.
California still has a $10,000 tax credit for first-time home buyers and new home buyers, but with only $100M allocated for each program, it is estimated to run out quickly.
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