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The Market
Home » Los Angeles » Los Angeles Real Estate » The MarketThe present real estate market has increased borrower’s fears due to interest rates. Borrowers are changing their short, fixed-period adjustable-rate mortgages for longer-term loans. Los Angeles real estate is a competitive market. Southern California’s median cost of a home rose to $480,000 in February and home sales have decreased. However, west Los Angeles has seen an increase in housing costs, but it continues to be an active market. Bel-Air, Brentwood, Santa Monica and Malibu enjoys good air quality for California and great temperatures making these areas desirable for homeowners. Los Angeles has seen an average price appreciation of 10-12 percent for the past four years. Homes range from $100,000 up to $20 million. The lower priced home has moved quicker due to the number of individuals wishing to live in Los Angeles. Homes that sell for under $200,000 are selling within 30-45 days. Homes costing $200,000-$1,000,000 sell within 30-90 days. Of course, schools, quality day care and top locations are strong factors influencing the new homeowner.
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