Real estate experts say there is no time like the present. Local agent are calling it a seller’s market. That could be an understatement. Realtors say in recent months newly listed homes went fast. Not only fast, but also receiving multiple offers.
In Orange County, the median home price is up 4.9 percent from last year to nearly $630,000.
In Los Angeles County, prices have climbed 8.7 percent to $500,000.
The housing market is hitting record levels of craziness in much of Los Angeles. Ever-rising housing prices are kind of a given in Los Angeles now, but for a while, they seemed to be discouraging a lot of people from actually buying—the number of sales stayed flat or fell as prices rose. That doesn't seem to be the case anymore. Everything is busting record highs, from average sale prices across the board (condos and single-family houses) to the number of sales closed, which rose to the highest second-quarter total in a decade. Prices were up 4.8 percent, the number of sales was up 6.5 percent, and houses were sitting on the market an average of just five days.
In Downtown, the median sales price for condos was up 7.3 percent from last quarter, to $601,000. In Beverly Hills, the median sales price hit $2.785 million—a new record and a 60.6 percent rise from earlier this year. There were a few places where sales prices dropped a bit: in the Sunset Strip and the Hollywood Hills area above it, the average and median sales prices dropped 10.7 and 4.2 percent, respectively. Don't worry about them, though. The average sales price there was still $2,226,785, and the median was $1.642 million.
Average rent in L.A. is $2,550 for a two-bedroom apartment. In fact, the disparity between wages and market prices here is the worst in the country, nastier than in New York City or the San Francisco Bay Area, and it’s become the toughest American city in which to buy a house.
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