We gained a ton of perspective when reviewing the stats of our local market year over year.
The decrease in inventory has created more demand than ever, which continues to drive up prices. The best houses in every price point are still getting multiple offers. We are surprised, quite frankly, at the resiliency of the L.A. market. This is due in part to our incredibly diverse economy and what many still perceive as an excellent quality of life.
What’s in store for 2023? We believe there will be more listings and more sales in Q1, especially in the $5M + market (due to the forthcoming ULA tax). Buyers will have more to choose from.
But not every Seller will enjoy top dollar. This is not a market that “lifts all boats”. Only the BEST properties – or the one’s expertly prepared and presented – will see outsized gains.
Curious how this market will affect YOUR real estate decisions? Reach out to discuss…