Is There More Inventory in Your Local Real Estate Market?
Is There More Inventory in Your Local Real Estate Market? | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
One of the most promising developments in today's real estate market is the significant increase in the supply of homes for sale, a trend that holds true across the nation, including in highly sought-after areas like Los Angeles and Beverly Hills.
Recent data from Realtor.com reveals that, nationally, the number of homes actively for sale has risen by 36.6% compared to this time last year. This increase in inventory means more options for buyers, which is particularly important in competitive markets like Los Angeles and Beverly Hills. If you've been considering buying a home but were discouraged by the tight inventory in recent years, this news is a game-changer. The growing supply not only expands your options but also gives you a bit more negotiating power, making it a great time to dive back into the market.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), highlights the significance of this trend:
“Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”
However, it's essential to keep this increase in perspective. Despite the year-over-year growth, inventory levels are still not back to pre-pandemic norms. Compared to 2017–2019, there are still about 29% fewer homes for sale, which means that while the situation has improved, it’s not yet a buyer’s market. In areas like Beverly Hills, where demand for luxury homes remains strong, the market continues to be competitive, but the expanded inventory could make it easier to find that perfect property.
Bill McBride, a Housing Analyst for Calculated Risk, adds that although inventory is increasing, it remains well below pre-pandemic levels. This is particularly true in high-demand markets like Los Angeles and Beverly Hills, where luxury homes often sell quickly and competition can still be fierce.
In these prestigious areas, real estate remains hyper-local. Understanding inventory trends in Beverly Hills or Los Angeles can give you a strategic edge, especially when working with an experienced local agent who knows the nuances of these markets.
Bottom Line: The supply of homes in Los Angeles and Beverly Hills is improving, providing more opportunities for buyers. Whether you’re looking for a luxury estate in Beverly Hills or a chic home in Los Angeles, the increased inventory gives you a better chance of finding exactly what you want. Let’s connect to discuss your options, budget, and the latest market trends to help you find your dream home.
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