Los Angeles Market Continues to Recover, According to Carrington Real Estate Services May Housing Report
Carrington Real Estate Services, LLC, a national residential real estate brokerage with offices in Los Angeles today announced May market trends for the city, analyzing key metrics including median home price, total inventory and average days on market for single family residences.
According to Los Angeles housing market data prepared for Carrington by Altos Research, several trends showed growing strength in the city’s real estate recovery. Median home prices continued to climb, and days on market decreased, as did the available inventory of homes for sale.
As of May 17, the median price for a home in Los Angeles had increased to $536,381, up 32 percent from the median price of $406,997 recorded 90 days earlier, and up 52 percent from the median price of $353,271 recorded one year prior.
Total inventory of existing homes for sale in Los Angeles was 2,027 homes, down 9 percent from the 2,238 homes recorded 90 days earlier and down 42 percent from the 3,479 homes recorded one year prior.
The average days on the market in Los Angeles was 116, down 23 percent from an average 150 days as recorded 90 days before and down 22 percent from the 148-day average from one year ago.
“Los Angeles is showing clear signs of being a seller’s market,” noted Carrington Real Estate Services Local Office Leader Maria Zuniga. “Typically prices increase as inventory becomes hard to find, and homes that are available are selling much more quickly than they did last year at this time. For homeowners who have been waiting for the right time to sell, these are indicators that it might be a good time to consider testing the market.”
Providing Local Knowledge on a National Scale
Carrington Real Estate Services has a presence in many of the nation’s key markets and currently has 35 offices across the U.S. The company is licensed to operate in 26 states and plans to continue its expansion in a controlled, strategic manner, remaining focused on providing superior client service to a diverse customer base – from institutional investors and financial institutions to individuals looking to buy their first home – through agents who are highly attuned to local market dynamics.
About Carrington Real Estate Services
Carrington Real Estate Services, LLC is a full service real estate brokerage that uses its network of licensed real estate agents to manage the sale or purchase of residential properties. Carrington Real Estate Services works with sellers and buyers of both traditional and distressed residential properties to manage the contract negotiation, sale and escrow processes.