The Porter Ranch Market Is Still Warm Despite Recent Cooling

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Conditions here in LA County have been quite interesting lately. Going back to the beginning of the year, we had only 2,361 properties for sale on our local MLS. For the month of October, we have well over 3,700 homes for sale. What does this big shift in inventory mean?

For one, it means buyers have more options. Before, sellers were competing with 3-5 homes - now, they are competing with 10-15 homes at a time. We've also seen a jump in days on market: from 31 days to 48 days. This can be attributed to buyers having more homes to choose from and taking their time. It helps that interest rates are still at historic lows, at just below 4.5%.

The good news for Porter Ranch and the surrounding area is that we've seen a 10% gain, and distressed property sales have fallen from 17% to under 10% since this time just a year ago. Most of the sales we're seeing now are under normal circumstances.

The market was red-hot at the beginning of the year - now, we're seeing stable conditions. The market is growing at a normal pace, rather than falling after a great start to the year. The chances are, if you price your home right, you'll get it sold in under 30 days, which is certainly ideal for sellers.

Here at the Scott Himelstein Group, we've managed to get homes sold in under 20 days on average. So, if you're interested in buying or selling in the LA County area, don't hesitate to reach out to us. We'd love to make your real estate transaction as beneficial as possible!