Market Update for Monday, March 08, 2010

Let's look at some numbers on this beautiful almost Spring morning:

We have a very energetic market in Northeast Los Angeles. In Eagle Rock 90041 since the beginning of the year, almost as many properties have closed escrow as have been listed. When you add in pending sales, you can see that we are quickly selling off the inventory. The sales numbers are moving almost as strongly in the other two zip codes which include all of Highland Park, Glassell Park, Mount Washington and Sagamore Park. At this rate, low inventories could continue throughout this year. Since this is a supply and demand business, if the demand keeps up at this rate, we will continue to have multiple offers and some increase in prices.

From the Combined LA/Westside Multiple Listing Service

The questions are:

• Will the demand keep up?
• Are first-time buyers driving the market?
• Will they put on the brakes when the tax credit goes away on April 30?
• What are your thoughts?