Real Estate Market Conditions for Los Angeles, November 2005

Wow, what a change the market has taken in Los Angeles in recent weeks. Its been long overdue. The market in LA is finally a "normal market". The busy Summer season is over and the Winter Holidays are quickly approaching. Homes are not selling in less then 30 days any more. The average for a single family home is about 90 days now. On the other hand, condos are selling in less than 45 days. With the recent rise of mortgage rates to about 6.25% for a 30 year fixed, from about 5.75% a few weeks ago, the purchasing power of buyers have gone down almost 10%. That's huge! Not only will the Los Angeles real estate market have to adjust to this change, but all real estate markets will. I think this type of market is going to be around for the next year or so, partly because mortgage rates are expected to hit about 7% by the end of next year. I still think if you had to say if it was a buyer's or seller's market, I would call it a seller's market. Prices are still high but are slightly negotiable now. Please feel free to write me and The Millennium Team at info@TheMillenniumTeam.com For more info about the LA market and the listings that I am working on, please visit us at www.TheMillenniumTeam.com As always, thanks for reading and I look forward to working with you one day! Let your friends know about me as well! Anthony Vulin III www.LARealtorToTheStars.com.