The real estate market in Los Angeles is turning into a real beast. If you keep your ear tapped into the real estate grape vine there is a lot of talk about supply and demand; and more specifically, low supply to meet high demand. This is getting more attention than usual due to current happenings for future events, but that does not make it any less of an issue.
For starters, prices are soaring (prices for homes sold in February of this year is up 10.5% from February of last year) with what feels like new records set every month. More people are looking to buy but, sticking with February statistics, less homes are coming on market as the number of homes sold in L.A. County dropped over 3% from last February. You couldn’t ask for a more cut and dry example of how supply and demand works! Check out the original article on Curbed LA for more details.
In related news, there is a proposed zoning law change in the works that would bring a flood of new apartment buildings to Los Angeles to help keep up with some of the demand. The statewide bill essential overrides local zoning laws and would allow high-density units to be built near “major transit stops.” With all of the transportation overhaul that the city is seeing right now, this could mean big changes in the future should the bill pass. Find the whole story on The Real Deal, which states that Mayor Eric Garcetti has already spoken out against the bill.
To end on a fun note, here is a list of 18 things (hopefully) going down in Los Angeles in 2018! If you’re already a homeowner in L.A., be sure to check some of those new attractions out!