The Kelley | Westbrook Group sees an interesting landscape in the Los Angeles real estate market during Q3 2024, especially in key areas like Santa Monica, Brentwood, and Pacific Palisades.
Inventory
Inventory remains low, particularly in prime neighborhoods like Pacific Palisades and Brentwood. With fewer homes available, the demand from buyers continues to outpace supply, creating a competitive environment. In Santa Monica, the market is also tight, with limited new listings driving up competition for desirable properties.
Market Type
We are still seeing a seller's market in these areas, largely due to the low inventory and high buyer demand. Properties that are well-priced and in good condition often receive multiple offers. However, there has been a slight cooling in price appreciation compared to previous quarters, with some price reductions occurring, especially for homes that have been on the market for an extended period.
Buyer & Seller Activity
In this competitive landscape, sellers have an advantage in most cases, especially if they are strategic about pricing and marketing their properties. However, buyers who are well-prepared and ready to act quickly with competitive offers are still able to secure homes, especially with slightly easing mortgage rates post the Federal Reserve’s recent rate cuts.
While it’s still largely a seller’s market, certain neighborhoods and price points are seeing more balance, offering opportunities for buyers who are persistent and well-prepared.
In conclusion, despite the challenges, the Los Angeles real estate market remains robust, with a continued shortage of inventory keeping competition high, particularly in Santa Monica, Brentwood, and Pacific Palisades.
