Sunday Morning: 12 Months’ Worth of Inventory on Market in LA

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Bits and pieces from an L.A. Times piece on the overall state of the L.A. real estate market:

Median prices are still ‘stratospheric,’ and there are still areas where the market is ‘red-hot’ (article cites a Sherman Oaks McMansion that is ‘well-priced at $1.69 million’). Inventory is piling up countywide, but that could be misleading -- the article indicates supply is still tight in the Valley.

Inventory Glut? ‘There has been an average 8.3-month supply of homes on the market in Los Angeles County over the last 19 years, according to the California Assn. of Realtors. That’s how long it would take for the supply of homes to be exhausted at the prevailing sales pace. In April, that supply was 12.1 months in L.A. County and 22 months in Orange County.’

But Not in the Valley: The supply of unsold homes in the Valley was only 5.2 months.

Go Long: Also cited, a 57-year-old first-time buyer who bought a Long Beach condo with a 40-year mortgage.

Thoughts? Comments?
Photo Credit: Reuters