2020 Los Angeles County & California Real Estate Market Update FEB

The numbers are in and I’m going to tell
you what you need to know, so stick around! Hey everybody! Jennifer Hein here! A
Los Angeles area based real estate professional with Rodeo Realty and today
I have the January 2020 California existing home sales numbers. We’re going
to discuss sales price, number of sales, and inventory. Stick around until the
end because I have some new tips for buying and selling in this current
market that you won’t want to miss! Alright, so let’s get started! The median
sales price for all of California and remember median is middle not average
was $575,160. That
represented a 7.1% increase from last year and a 6.5% decrease from last month. Now here in Los Angeles County, the
median sales price was $617,520 which represented a 9.1% increase from last year and a
3.7% decrease from last month. Now the number of home sales
for all of California was a 10.3% increase from last year
and a 0.7% decrease from last month. Here in Los Angeles
County we had a 16.7% increase from last year and a
22.3% decrease from last month. Let’s talk about
inventory. In January 2020 for all of California we had a three point four
month supply. This was an increase from last month of two point five months.
However, it was a decrease from January of last year of
4.6 months. And keep in mind to remember a six month supply is a
balanced market. Anything less than six months would be considered a seller’s
market and anything above six months would be considered a buyers market. And what
the month supply is is that no new homes came on the market, it would take that
amount of time for us to completely run out of inventory. Now for here in Los
Angeles County we had a 3.2 month supply for January 2020, which is an increase in
supply from last month of two point four months and this is compared to last year
we did have a decrease compared to last year of let’s see we had four
point nine months supply but the good news is it looks like we have a little
bit more inventory out there than we did last month. So, what does this all mean?
Well it’s really too soon to tell. Prices could be leveling out or may be
going down a little bit, but we really won’t know until we see the next few
months. Some major players are of course interest rates and the
inventory available. Now here in Los Angeles County, I’ve been seeing more often
than usual situations where homes that show well and our price strategically
are going very quickly with multiple offers and I’m not just talking two or
three offers… we’re talking five to 15 offers, they’re closing quickly and their sales price is a lot higher than what you would think a home
would sell for… it’s shockingly high. With that being said, I do have some tips for
buying and selling in this particular market. If you’re buying, two main things:
one if you do see a home that you like and you’re interested in seeing it, get
out there as soon as possible. Some of these homes are not even making
it to the first open house. Secondly, you most likely will be in a multiple
bidding situation. Make sure before you start writing offers that you set a
limit – a walkaway number for yourself and if you do not get the home for that
walkaway number or less you can “walk away” knowing that you did the best that
you could no regrets and that you didn’t extend yourself beyond what your what
numbers comfortable. Now as far as sellers selling in this
particular market, again just make sure that your home shows really well, your
priced strategically, and you have an agent that is skilled in negotiating
multiple offers to maximize the price and the terms that meet your needs. Well
that wraps it up everybody. If you have any questions feel free to reach out
anytime I’d be more than happy to help you and I will see you on the next one!
Take care everybody! Bye bye. If you like this video please like and subscribe.
Have a good one!

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