What Are The Current Southern California Real Estate Market Conditions?

SKS BLOG

The Southern California real estate market had a boom last year with a surge in home sales and prices. People were looking for spacious houses as they needed to work from home due to the pandemic, driving house sales. Another factor was the low-interest rates on mortgages which was helping buyers to save on monthly mortgage payments.

Due to rising mortgage rates and housing prices, buyers believe that now is not a great time to buy a home in Los Angeles. On the other side, sellers are becoming more optimistic, which means there will be more inventory available.

What Are Socal Market Experts Predicting?

In the upcoming months, more homes are anticipated to be listed, which could somewhat slow the rate of appreciation. In Los Angeles County, affordability is a major problem because almost three out of four citizens cannot afford to purchase a median-priced house.

Current real estate market conditions are shifting.The number of houses for sale has increased while the number of buyers of homes has decreased. Fewer buyers and greater inventory have reduced the likelihood of bidding wars, so buyers may find it easier to offer less than the asking price.

Quick Socal Real Estate Facts:

  • Since last month, the single-family median home price has increased by 8% to $860,230.
  • Sales of single-family homes are down 21% annually and 3% monthly.
  • According to Zillow, the value of homes in the LA metro area could increase by 5.3% by June 2023, and property prices in Los Angeles will be higher in the second quarter of 2023 than they were in the first quarter of 2022.

What Can I Do To Increase My Home Value?

The best way to increase the value of your home today is to build an ADU on your lot. An ADU, or accessory dwelling unit, is an independent residential dwelling that is located on the same lot as a stand-alone

single-family home. A detached garage can even be converted into an ADU, and there are endless design layouts and size options, all of which depend on your lot.

By adding an ADU, you are not only increasing your home’s value but also creating a source of monthly passive income. Potential tenants can live independently without having to pay the entire cost of a full-sized home. If you have liquid cash, and are currently looking to invest it, there is no better option than to put it into your own backyard.

SKS Construction cam assist in plan check, permitting, and even build of your new ADU, making the process a breeze. A full-service design/build, engineering, and construction firm, SKS Construction was established in Los Angeles, California, in 1987. SKS Construction is recognized as a leader in engineering and construction of New Construction, Seismic Retrofitting and Balcony Repairs. The SKS team is composed of in-house designers, licensed contractors, and experienced engineers around the clock to attend to your every engineering and construction need.

Contact SKS Today For A Free Design/Build Consultation!

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Lic.#: AB720390

Serving The Greater Los Angeles Area

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