Market Continues Hot Hot Hot

Low inventory and low interest rates continue to fuel the elevated prices we see today. Values continue to rise through out the Los Angeles County Market. The condo market appears to have a bit more opportunity for buyers since there is more inventory compared to demand: Days on market in the City of LA is 18 and Months Supply is 4.7 months. It is still competative in the condo market, but at least it is a slightly slower pace than the house market which is on 8 Days on Market and only 2.3 months of supply. Appreciation for condos are a bit more muted compared to houses as is usually the case, Houses hit a 35.6 % increase in value Year over Year, but remember the Pandemic had just hit and the real estate market basically froze, and buyers bailed out due to changing economic environment of uncertanty. I anticipate the month of May will also have some scued statistics. One thing for sure though is that interest rates are trending low and the latest employment report was a bit dissapoiinting this week that will encourage rates to stay low.