The news out on the street is that residential real estate is in the toilet! And then we will hear a press release from the California Association of Realtors that the market is seeing a slow recovery and that prices are going up! Who can you believe and, more importantly, wat does that mean to me (and by that I mean, you)?
The news “out there” is talking about large areas- the nation or the state or the Greater LA area. La Crescenta is in it’s own micro eco-climate and that is what we will talk about today.
In general the news has been grim. Prices are down nearly 11% from last year. There are fewer homes selling, but at least there are fewer homes available for sale. This does not bode well for our little slice of Southern California heaven, but there is a bright spot. The “Months Supply of Inventory” is way down. If no new homes come on the market it would take us 2.3 months to sell everything. That is a strong seller’s market and it is the lowest inventory in the surrounding areas!
In fact, the only month where the median price went up was March.
If you are going to sell this year, now is the time to strike. Buyer’s want to buy and there are few homes to compete against.
If you want to buy this year it might still be the time to buy. We don’t know how long these interest rates will stick around and even a half percent rise can severely limit your purchasing power.