Rainy Day Market Update

90402 (north of Montana) - If you are lucky enough to be shopping in this more expensive segment of the market, you have actually able to choose from some decent, limited inventory recently. This is a slower time of year and inventory levels appear pretty modest but it seems like a fair number of well located properties have been coming on market and quickly clearing. The under $2.5mm segment of this market seems especially hot with 11 of the 14 properties currently on the MLS in escrow.

90403 (north of Wilshire) - There has been a very limited amount of well located inventory in this segment of the market for some time. There have been some location discount type properties as well as just overpriced properties (ahem, 2619 Washington), but for the most part the few good properties that occasionally hit the market clear pretty quickly.

90405 - (south of the 10) - I recently featured a couple great looking Spanish houses in 90405 as part of my "Location Snob" posts. I think this sums up the market in 90405 well. There are a fair number of listings but many of them are in more challenged locations. A few gems have come on market and quickly gone into escrow, but it seems like right now almost all the properties on the MLS in 90405 have some type of major flaw, suffer from a location problem, or are pretty overpriced (or a combination of all three).

Pricing seems pretty stable in all three areas and if you are looking for a quality property you better be prepared to be met with a very competitive situation if you want to try and buy. Rates are low, the economy is still growing, and I'm building up the warchest to outbid you guys on one quality property this spring when activity picks up and we see more inventory. Right now, it sucks to try and be a buyer.