Los Angeles definitely may be feeling like there are some angels on her shoulders.
In July, L.A. witnessed a 22.6 percent rise in home sales, compared to July 2008 says Los Angeles based MDA DataQuick.
Deals are still to be found, as average home prices continued to fall, down nearly 20 percent last month.
A total of 8,082 homes sold in July, up from 6,592 last year. Median home prices are down nearly $80,000 from one year ago in Los Angeles county. You’ll pay approximately $321,000 for a home that ran about $400,000 last year.
Demand tends to be concentrated in lower- to mid-priced homes where buyers can’t fathom prices will drop any lower. Multiple offers are beginning to pop up like witnessed during the peak of the market several years ago. In some instances bidding wars drive up the final sales price over listing price.
But with job losses and foreclosures showing no sign of slowing to a loud whisper, many analysts remain skeptical the market’s hit bottom.
Even though 80 percent of sales take place in the lower to mid priced market, luxury real estate is beginning to see more activity as well.
Many home owners in L.A. affluent neighborhoods are excepting their fate. They’ve come to terms with what their homes will fetch or they really want to move or a job has taken them to another market.
Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.
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