The Property Market in Los Angeles and Beverly Hills: What You Need to Know
Is There an Increase in Homes Hitting the Market in Los Angeles and Beverly Hills, CA? | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert.
In today's real estate landscape, one crucial factor that's been shaping the market is the availability of homes for sale. If you're contemplating listing your property, you might find yourself in a favorable position, especially with the current low housing inventory. A well-priced house in such conditions can truly stand out.
However, it appears there are early signs indicating that more homes are making their way onto the market. Let's delve into why this development is significant and what it might mean for those of you in the Los Angeles and Beverly Hills areas.
A Surge in Home Listings Traditionally, the housing market experiences its peak activity during the spring buying season. This period typically witnesses a surge in newly listed homes throughout the first half of the year, as sellers anticipate and gear up for the months when buyers are most active. Yet, as the school year commences and the holiday season approaches, the market tends to cool down, as expected.
What's caught our attention, however, is the recent increase in the number of sellers listing their homes later in the year, which is not a typical occurrence. The latest data from Realtor.com reveals this unusual trend, as you can observe in the graph below:
Realtor.com offers insights into this unusual occurrence, stating, "While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward the fall season . . ."
While it's essential to remember that this data spans just one month, it's unusual enough to warrant attention. While it's too early to predict if this trend will persist, staying ahead of it is advisable if it does.
What Does this Mean for Homeowners in Los Angeles and Beverly Hills? If you've been contemplating selling your house in these sought-after areas, now might be the opportune moment to act. Why? Because if this trend continues, delaying your decision could result in increased competition. Imagine if your neighbor decides to list their property as well; this would mean sharing potential buyers' attention with another homeowner. By selling now, you can get ahead of the competition and make your move while the spotlight is on your property.
However, it's worth noting that despite more homes entering the market, the overall supply remains well below normal levels. The following graph provides a visual representation of this ongoing inventory shortage:
Conclusion: In conclusion, even though the housing inventory is still limited, waiting for more competition to emerge in your neighborhood may not be the best strategy. The current market presents an exceptional opportunity for those looking to sell their homes in Los Angeles and Beverly Hills. Feel free to reach out to us to explore the advantages of selling now, before the market sees an influx of additional homes for sale.