MARCH – the promise of Spring and the approaching proximity of Summer. More than that, in real estate, March is viewed as the absolute favorite month for Sellers to consider listing their home. Los Angeles luxury homes are posting less
Available Inventory than the previous 2 years. Currently there are 7,884 homes available, compared to 9,235 available in July 2017. Still- the ironic twist to this statistic is that the
Months Supply has increased noticeably from
6 months in March 2017 to
11.2 months today. Why? Buyer demand has slowed. Perhaps because there has been such a consistent buying trend over last 5 years that the appetite has been somewhat satisfied for LA homebuyers? Or, because prices have steadily risen and buyers take longer to decide and qualify the home of their dreams?
Whatever the reasonable answer to these questions, it is important now more than ever for Sellers to price their property correctly tuned to this market dynamic in order to succeed. Overpricing is the kiss of death. Listen carefully to your agent’s statistics of value for your neighborhood. Understand that asking more doesn’t necessarily get you more, but asking closer to the expected market value will attract more buyers and thus more offers.
March- we’re midway between January and June, which proves how time
marches forward, whether we’re acclimated to it or not! Get out there, enjoy our weather, the movies, the incredible array of restaurants, and the endless destinations for outdoor pleasure that only Southern California offers. We’re lucky to live here, let’s be sure to
thrive here-- by taking full advantage of all that is offered us.