I am sure by now you must know that real estate in general, but specifically Los Angeles real estate is experiencing a shortage of inventory, and the common complaint heard from both Realtors® and Los Angeles home buyers is “there is nothing to buy”. Or, if something comes on the market “we have to compete with numerous other buyers”.
So are things improving? How is the housing market doing and how is the inventory right now?
Information provided by MLS/CLAW deemed reliable but not guaranteed
The above shows a summary of single family homes for the areas below for the calendar year April ’12 to April ’13. Inventory is down 51% over April last year, and the is the lowest for the entire year.
The median price is up 9% and is the highest for the entire year.
The number of sold properties is up 17% over a year ago, but down slightly from the high in December ’12.
The number of properties under contract is up 38% over a year ago and is the highest for the year.
The number of active properties is down 23% over a year ago but is growing steadily from the low in December ’12.
The number of new listings is up 22% compared with a year ago and has been rising steadily since nan extreme low in December ’12.
The areas included above are:
Santa Monica – inventory down 65%, new listings up 44%
Westwood – inventory down 71%, new listings up 9%
West Hollywood – inventory down 36%, new listings up 26%
Palms-Mar Vista – inventory down 54%, new listings same as last April, but down over March ’13
Brentwood – inventory down 56%, new listings up 2%.
Hancock Park – Mid Wilshire, inventory down 42$, new listings up 58%
Silver Lake – Echo Park, inventory down 33%, new listings up 36%
Pacific Palisades – inventory down 50%, new listings up 29%
Culver City – inventory down 32%, new listings up 14%
Beverly Center – Miracle Mile – inventory down 59%, new listings up 63%
Marina del Rey – inventory down 4%, new listings down 33%, but slightly up from the previous month
Beverly Hills – inventory down 69%, new listings down 39%, but slightly up from the previous month
Venice – inventory down 24%, new listings up 18%
Malibu – inventory up 6% but slightly down from March ’13, new listings up 47%
Los Feliz – inventory down 4%, new listings same as April ’12 but up over March ’13
West Los Angeles – inventory down 91%, new listings down 14% and down over March ’13
Hollywood – inventory up 31%, new listings up 80% (way up over March ’13)
Hollywood Hills West – inventory down 73%, new listings up 13%
Hollywood Hills East – inventory down 62%, new listings up 71%
Bel Air – Holmby Hills – inventory down 17%, new listings up 17%
Beverly Hills Post Office – inventory down 17%, new listings up 7%
Overall, new inventory is steadily rising. The exceptions are West Los Angeles and Marina del Rey. West Los Angeles seems to have taken the biggest it, both in overall inventory and new properties coming on the market.
Hollywood is a major exception with the inventory up over a year ago and jumping significantly over the previous month.
Let’s hope that new inventory increases over the next few months. It will be interesting to see.
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