Reports continue to stream out confirming the current strong growth of the Los Angeles real estate market. In fact, home prices in Los Angeles last month were up by more than 20 percent as compared to in February 2012.
The Los Angeles real estate market has been particularly hot at the high-end level, especially on the Westside. Our friends over at the Valerie Fitzgerald Group gushed at the development in this following excerpt from a recent blog post:
“Wow! What an amazing 2012 we experienced in Westside residential sales,” Fitzgerald said. “2012 was the best year ever recorded for high end sales. A ‘buyers market’ turned into a ‘sellers’ market in most Westside neighborhoods in all price ranges.”
Helping to spur the rise in prices and the increase in sales activity has largely been an improving economy, favorable buying conditions and a supply shortage that has changed the real estate dynamics. Economist Lawrence Yun elaborated on the current state of the L.A. real estate market, noting pending home sales have been up each of the past 21 months on a year-over-year basis.
“Favorable affordability conditions and job growth have unleashed a pent-up demand,” Yun said. “Most areas are drawing down housing inventory which has shifted the supply/demand balance to sellers in much of the country. It’s also why we are experiencing the strongest price growth in more than seven years.”
According to statistics provided by the Valerie Fitzgerald Group, the average listing price for a home in Los Angeles for the week ending Feb 27 was $1,22,899, which was up 0.4 percent from the previous week.
From December 2012 thru February 2013, the median sales price of a home was $376,000. That marks a 27.6 percent increase from the previous year’s corresponding period.