Los Angeles, CA, June 04, 2015 --(PR.com
)-- Pending sales are a great measure of future sales activity. For the last five months pending sales have risen higher in Los Angeles and San Fernando Valley than the previous year.
The number of sales that closed escrow over asking has been on an upward trajectory for three months. This indicates that bidding wars are back in some areas.
All cash offers are up compared to a year ago which of course makes it challenging for first time buyers, even those with a large down.
In April, the total number of pending sales was 866 in Los Angeles and San Fernando Valley which was up 8.9% from a year previous.
Pending home sales in California are up 13.6% from a year ago.
The number of closed sales that went over the asking price has increased by 20% over the last three months.
In some of the upscale areas of Los Angeles and San Fernando Valley buyers are paying a premium over the asking price indicating more competition in multiple offers situations.
Homes that sold above the list price are going for approximately 10 percent over, up from 7.7 percent in March and up from 8.7 percent from a year previous.
The average number of offers received on a property was 4, up 2.7 percent in March and up approximately 3% from a year ago.
The average number of offers per home has increased for the last 6 months.
In April, 72 percent of properties received multiple offers, up 71 percent from a year previous.
Lastly, traffic at open houses is up from a year ago, indicating the summer real estate market is off heating up!
Real estate professionals expect the market to only get hotter over the next year.
Statistics taken from “Housing Market Posts Pending Sales Gain” by Gaye Rainey posted in the LA Times 5/31/2015.
David Hitt and Ronald Shore of Keller Williams Realty Los Feliz joined forces in 2014. They quickly became one of the top producing teams in their office and have been awarded a top production award. Together they have almost 30 years of combined experience. Ronald has worked as the Team Leader/CEO of a Keller Williams office for 3 years plus he has a background in Interior Design and experience in the Entertainment Industry. David has worked as the Office Training Director for many years while at another firm and has served on the board of the Los Angeles Gay and Lesbian Chamber of Commerce. If you are thinking about buying, selling or investing in Los Angeles or San Fernando Valley Real Estate call the Most Referred Realty team in LA at (818) 422-1702 or (310) 339-3094 www.RonandDavid.com