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What Do the Latest Stats Tell Us About Our 2018 Market?
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According to the latest statistics, it’s a seller’s market in LA County as we begin 2018, but there is good news for buyers as well.
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As we head through January 2018, the latest statistics tell us we’re in a seller’s market.
There were 818 homes sold in December 2017, which was a decrease of 18% compared to both November 2017 and December 2016. The total number of homes closed in December 2017 was 701 units, which was down 4.5% compared to November 2017 and 8.2% compared to December 2016.
There were 530 homes placed under contract in December 2017, which was a staggering drop of 23.7% compared to November 2017 but an increase of 4.5% compared to December 2016.
Most of these statistics were taken from South LA County and, specifically, the South Bay. These numbers lead me to believe that we’ll continue to have a shortage of inventory and have a very active market as long as interest rates cooperate.
In December 2017, the average price per square foot continued to appreciate and settled at $549. The average days on market in December 2017 was 35 days, which was a 2.8% drop compared to November 2017 and a 23.9% drop compared to last year.
The average list price for homes in December 2017 was $1,755,000, but the average sold price was $929,000. That average sold price dropped 1.1% compared to November 2017 but increased 8.3% compared to December 2016.
Lastly, our average inventory for December 2017 was 1.2 months, which was a 14.6% drop compared to November 2017 and a 7.7% drop compared to December 2016.
2018 will be a fantastic year for buyers and sellers.
According to a five-year study comparing the homes for sale versus the homes that have sold and those that are pending, we started and ended each year between 2012 and 2017 with a low level of inventory. In December of those years, we had between 600 and 800 homes listed for sale. As those years progressed, we usually saw a 20% to 25% increase in inventory.
All in all, 2018 will be a fantastic year whether you’re a buyer or a seller. Prices will continue to remain strong for sellers, and buyers can still take advantage of interest rates near the 4% mark.
If you have any more questions about our current market or you’re thinking of buying or selling a home soon, don’t hesitate to call or email me. I’d love to help you.
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