House Prices Continue To Rise In Most Neighborhoods of Los Angeles!

More data in this week regarding the continued rise of housing prices. CoreLogic reported that home prices rose 12.2% in May 2013 compared with the same month a year ago. It was the largest monthly increase since February 2006. Month over month, May prices rose 2.6%, including distressed home sales. Excluding distressed sales, May prices rose 2.3% compared with April, and the year-over-year price rose by 11.6%. 

Most interestingly, among the 100 largest U.S. cities, 97 showed a year-over-year increase in home prices. Some of the largest gains (including distressed properties) came in the Los Angeles metro area (up 19.8%) which mirrors what we’ve been seeing in this hot market.

What does the future hold? CoreLogic indicates that June housing prices will rise another 13.2% year over year and an additional 2.9% month over month. Excluding distressed sales, CoreLogic’s year-over-year increase for June is forecast at 12% and the month-over-month estimate is forecast to rise by 2%. All more signs that this market shows no signs of cooling off.

Here in Los Angeles, home prices in many neighborhoods have risen well over 20% since last May. If you own a property in one of these neighborhoods and are thinking of selling, now is a really great time to put your home on the market! The inventory is extremely low and with interest rates historically low, there is a multitude of buyers and homes are selling very quickly. The summer season is also the best time to put your home on the market.

• Mid-Los Angeles - 78% increase 
• Hollywood - 70% increase
• Venice - 70% increase
• Malibu - 68% increase
• Brentwood - 50% increase
• Silver Lake - Echo Park - 45% increase
• Palms-Mar Vista - 42% increase
• West Los Angeles - 31% increase
• Marina del Rey - 30% increase 
• Westwood-Century City - 27% increase
• Cheviot Hills/Rancho Park - 24% increase 
• Los Feliz - 23% increase
• West Hollywood - 23% increase
• Beverly Center/Miracle Mile - 22% increase
• Mid-Wilshire - 22% increase
• Playa Vista - 17% increase
• Pacific Palisades - 16% increase
• Hancock Park - Wilshire - 13% increase
• Sunset Strip - Hollywood Hills West - 8% increase
• Beverlywood - 7% increase
• Hollywood Hills East - 6% increase
• Culver City - 6% increase

A couple neighborhoods in Los Angeles have also experienced a decrease since last year. If you are interested in purchasing a home in these areas, it is currently a great time to buy with interest rates still low!

• Malibu Beach - 48% decrease
• Beverly Hills - 34% decrease
• Bel Air/Holmby Hills - 22% decrease
• Santa Monica - 18% decrease
• Beverly Hills Post Office - 6% decrease

If you are interested in selling your property or would like to find out how much your property is worth in this market, I would be happy to provide a free comparative market analysis and professional estimate of your home value.

If you are interested in purchasing a property, I would be happy to send you a list of available properties that fit your search criteria or answer any questions you might have.

Please contact me directly at (310) 717-1321 or JamieTian@RodeoRE.com.

Market Trends & Increased Demand For Creative Offices In West Los Angeles (Santa Monica, Playa Vista, Marina del Rey, etc)

Santa Monica is the first choice location for many large media and technology companies. With the increased growth in the technology and media industry, the high demand for nontraditional office space featuring modern architectural design has created a shortage of vacant office space in Santa Monica.

According to a recent LA Times article, direct vacancy in the Westside creative office market was 9.2%, the lowest level since the first quarter of 2009. Much of the growth is coming from established technology and digital media companies including Google, Apple, Pandora, and YouTube.

Santa Monica has become a technology hub, home to many of the world's biggest names such as Google and Yahoo. However, due to the lack of inventory, many new tech and media companies are expanding their office locations to the outskirts of Santa Monica which has helped push growth into nearby markets such as Playa Vista, Culver City, Marina del Rey, and Playa Del Rey.

Please feel free to contact me at (310) 717-1321 or JamieTian@RodeoRE.com if you are interested in finding out more info about properties in any of these areas.

I would be happy to assist you in purchasing, leasing, or selling a property in the greater Los Angeles or Orange County areas! Please allow me to provide you with a list of available properties that fit your criteria or provide a professional estimate of your property value at no cost!

Click the "Search Homes For Sale" tab above to search homes currently for sale in the greater Los Angeles and Orange County areas (updated live from the MLS). Make sure to zoom in your browser 100% or the map may not work correctly.