There’s no question that throughout the years immediately following the housing market bubble burst, things were shaky in the state of California’s real estate markets. It took some time for the nation as a whole to recover, and time for LA markets to begin their return to their former glory as well. However, at Suzanne Dranow we believe that the most recent data about the LA home prices helps prove that the market is back and better than ever.
New data shows some very exciting information regarding prices. Consider the following community-specific sales price info relating to median home prices:
- Westside and Downtown LA – $885,000
- Bel Air – $1.75 million
- Malibu – $2.47 million
- Beverly Hills – $3.55 million
- Santa Monica – $2.19 million
- Los Angeles County – $441,610
Looking at those numbers, you’ll notice a few things. In particular, it’s worth noting that some prices fell slightly from the year prior while overall the trend has been an increase. This means that it’s a great time for buyers to pick up certain properties – especially since most sales data shows that the prices will likely rise throughout 2015 and peak in the middle of the year as they do most years.
While this isn’t’ just a California trend – prices are increasing throughout the country – the luxury market here has more potential than most other areas due to the many well-known high-end homes and communities and the potential for investment opportunities as well as full time luxury houses.
Sellers are motivated, but buyers are as well. As a result, the real estate market here is more robust and exciting than ever before. That level of potential is a big part of why prices are increasing tremendously – the median price of LA homes has risen by 7.3% since last year, in particular. And overall, the prices are now at a level that is higher than ever before – beating out prices from before the housing market bubble burst.
Simply put, this new data gives anyone involved in the real estate market reason to be excited. There’s a lot of potential for anyone – buyers, sellers, and investors, and it’s a better time than ever before to take a look at what LA Luxury homes could have to offer you.