Los Angeles Housing Market Entering a New Phase in Latest Redfin Analysis Real Estate Brokerage Redfin Finds Less Competition for Homes, Public Transportation Creating New Options for Buyers, and Northeast Neighborhoods Gaining Popularity
LOS ANGELES, Aug. 16, 2013 /PRNewswire/ -- Redfin (www.redfin.com), the technology-powered real estate brokerage, today released its first-ever in-depth analysis on housing market conditions and trends focusing specifically on Los Angeles County. Overall, LA is a market in transition, beginning to move from an intensely competitive seller's market to one that is slightly more balanced.
The report also explores public transportation developments and new construction projects that will open up more affordable options for commuters.
Other highlights include:
- While Los Angeles County remains one of the nation's most competitive real estate markets, competition is starting to ease. The percentage of Redfin offers that faced competition dropped to 80 percent in July, down from 86 percent in June.
- Home values are still rising, with median sale prices up 26 percent over the last year. Still, prices are not yet high enough to compel those who bought at the peak to list their homes for sale, leaving inventory still extremely tight.
- LA Metro rail line extensions are spurring new housing developments in Santa Monica, Monrovia, Azusa, and Glendora, creating more housing options for commuters.
- Northeast neighborhoods such as Highland Park, Eagle Rock, and Mount Washington are the new up-and-comers, bucking the traditional preferences to west LA.
- New construction should provide some welcome inventory relief over the next six months; as of June 2013, building permits for single family homes in LA County were up 56 percent.
About Redfin 'Local Insights' Report
Redfin Local Insights is based on interviews with local Redfin agents, statistics compiled from the Multiple Listing Service, public record sales data, and Redfin's Offer Insights, which are statistics and anecdotes about winning and losing offers made by Redfin agents for their home-buying clients.
To read the full Los Angeles 'Local Insights' analysis, click the following link: http://www.redfin.com/research/reports/special-reports/2013/los-angeles-county-housing-market-entering-a-new-phase.html
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin's online tools feature all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. The company serves 22 U.S. markets and has closed more than $8 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider. Follow us on our blog (blog.redfin.com), Twitter (@redfin), and Facebook (facebook.com/redfin).