As reported on the LA Weekly blog by Dennis Romero, Los Angeles real estate today is mirroring the market in 2006. All cash offers, investors flipping properties, multiple offers, over-asking offers… Real estate broker Red fin says things cooled off in May this year, slightly.
It was reported that Los Angeles real estate showed just over 86.1% of listings had competitive bids in May versus April’s 86.2%. What does that mean? 8 to 10 listings are seeing multiple offers. Los Angeles was only beat out by San Francisco. Orange County came in third, followed by San Diego.
Los Angeles and Orange Counties faced competition on more than 8 out of 10 offers. Los Angeles real estate competition saw just a .1% drop from April to May in the rate of offers met by other bidders.
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