What’s Happening in the South LA County Market?

Today, I’ll go over the latest numbers from the South LA
County real estate market.





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What’s happening in the real estate market here in South LA
County? Right now, there are 1,107 homes for sale. Compared to
the 1,253 homes on the market at this time last year, we have
seen an 11.7% dip in the number of homes for sale, which is
just one indication that we are in a very strong seller’s
market. We have about 800 new listings coming on the market
every month. Last year, there were 1,020 new listings each
month, so new listings have dropped by 27.5%. Again, that just
shows that we continue to be in a strong seller’s market. On
the other hand, closed sales slightly increased, with 524 units
sold each month last year to 537 units sold so far this year.
That is an increase of about 2.5%, which means that buyers need
to get serious about whether or not they will come into the
market. We are averaging about 758 pending transactions per
month, which is a 4.5% decrease from the 792 pending
transactions at this time last year. This tells us that we have
less inventory available in the current market.


We are in a very strong seller’s market.

How much inventory do we have? Right now, we have
2.1 months of inventory available, which is down from 2.4
months the previous year. In short, this means that if no other
properties came on the market, we would sell all of our
inventory in just over two months, which places us in a very
strong seller’s market. The current mortgage rate for a 30-year
fixed mortgage is about 4.19%, and the rate for a 15-year
mortgage is at 3.41%. Those rates are fluctuating slightly now
that the Fed has raised their rates, but generally speaking,
they are fairly stable, which is good news for buyers. If you
have any other questions about buying or selling a home in our
current market, please don’t hesitate to reach out to me. I
would be happy to help you!