Hi how's it going everyone, my name is Lawrence Ojomo with Barry Gray and Associates and this is your February 2022 Los Angeles real estate market update. As we kick off the New Year here in LA the housing market is picking up right where it left off in December 2021, as home prices continue to accelerate as demand and desirability continue to outstrip supply. Overall single-family home listings in LA hitting the market were priced around $1,295,000, that's a per square foot price of $643. New Condominiums hitting the market are being priced at $849,900 with a per square foot price of $574. Condo inventory is relatively high right now so sales have increased across most LA neighborhoods. When compared to the fourth quarter of 2021, the price per square foot for single-family homes appreciated and every LA neighborhood. Based on fourth-quarter MLS data from the beach cities to Downtown LA we saw a generous appreciation rate of 13 %. In regards to mortgage loan rates, buyers are still able to benefit from a favorable lending environment. Historically rates remain low and the California Association of Realtors predicts home prices will rise 5.2% this year.
Barry's tip of the month!
My tip for 2022 would be full loan approval, prior to writing an offer. We typically attach a pre-approval letter to an offer but I would encourage buyers to find a lender and we can help you connect with those people who can get you through underwriting, which would allow you to number one, shorten up your loan contingency period in your offer or potentially remove it upfront under certain circumstances, we can guide you through that. Let's take this pre-approval a step further and get full commitment in 2022. So whether you are a buyer or a seller let us help you navigate this process.