Coldwell Banker: Los Feliz / Silver Lake / Downtown Los Angeles Market Update
The month of October 2014 overall has shown a cooling off trend with sales volume and number of units down in Downtown LA and Silver Lake. Los Feliz was up very slightly from September.
Los Feliz Volume +4%, Silver Lake Volume -11% and Downtown LA volume -20%. Interestingly enough, statistics show a large variation in neighborhoods. The Metropolitan LA area was down 77% but Highland Park sales volume was up 26%.
We are still experiencing multiple offers but fewer listings are hitting the market in our areas. Aging listings are the bulk of our inventory and we need to prepare that inventory for repositioning. Agents are busy studying the new contract.
As always, the name of the game is to own the inventory. We are working on prospecting workshops to increase listing inventory and dominate our marketplace.
By: Lori Ramirez
