Despite the struggles in the housing market, the City of Angels is not letting go of the real estate business just yet. It's not just in this period that Los Angeles has experienced the ups and downs of the housing market. According to tierraproperties.com, "In its history, Los Angeles has experienced several cycles of growth and decline. In downturn periods, property was exchanged from weak to strong hands."
Now the time has come once more for the housing industry to rise and reset existing records. According to la.curbed.com, "Everything is busting record highs, from average sale prices across the board to the number of sales closed, which rose to the highest second-quarter total in a decade." Even though the prices were higher by 4.8 percent, the number of sales was up 6.5 percent as stated in a report by la.curbed.com.
Areas such as the Downtown, and Northeast LA has set record highs as well. According to la.curbed.com, "The overall market and just single-family houses alone saw record median and average prices." The other record was taken by the condo market and it garnered median sales price of $675,000.
Looking at the complete market performance, it can be noted that the total record of sales had increased from 6.5 percent to 2,865. Other figures are stated in a report by la.curbed.com, stating that "In Century City, Westwood, single-family sales were up 42.6 percent, condo sales rose to 174, and in Brentwood, single-family sales more than doubled to 67 percent."
These are record high figures that shows the skyrocketing housing market of Los Angeles. The rise in sales is not just random figures. Jonathan Miller of Miller Samuel stated, "The rise in sales that we started to see last quarter, combined with "no real shift in inventory" has kept demand high."
For those that wants to buy a house in L.A now, better gear up because competition is skyrocketing as well.
