August 2021 Market Update Los Angeles Real Estate: What's changing?

What's going on in the Los Angeles real estate market here in August of 2021?

What’s going on with our Los Angeles real estate market here in August of 2021? Hey there, it’s Scott with the Scott Himelstein Group and today we’re talking about the changes that are taking place in the real estate market and how it can affect you. This video contains information that’s really valuable today so if you’re actually looking to buy or sell, you can make the best decision for you when you actually go out in the marketplace. So here are the numbers you should take note: First, the number of new homes that are coming on the market. That number has pretty much remained pretty steady. It’s actually down about 13% from last year. That number has been pretty consistent all across the board in the San Fernando Valley. Every month for as long as I can remember, it feels like at least a year, maybe two years, the number of homes that have gone off the market or gone pending has been up. 

Second to take note is the number of pending homes that have gone under contract. The amount of homes that have actually gone off market because they’ve accepted an offer, they’re in escrow, that number has come back a little bit. There is still more properties right now in escrow or that are pending or active under contract than you do actually have homes coming on the market. 

“There is still more properties right now in escrow or that are pending or active under contract than you do actually have homes coming on the market.”

There are a lot of reasons why people think that might actually be the case. I believe that it has a lot to do with California opening up back on June 15th and everybody started planning vacations for about six to eight weeks. Now people are coming back into the open houses again since school has started so parents can focus on their home search. There is an increase in activity and homes that were on the market during June and July are now under contract. Here is Scott’s advice: if you’re a buyer, this is a really good time to buy right now. You have a little bit less competition. If you’re a seller, it’s still a really strong sellers market. You can take advantage of the price increase over the past few years. If you have any questions about the market or real estate in general, don’t hesitate to reach out to us. We’d love to help you.