Los Angeles ranked the fourth strongest market in the nation for sellers right now. Other counties which also topped the list were San Jose, San Francisco and Riverside counties. California real estate is hot with demand still outpacing supply.
Southern California is a real estate seller's market this spring
A strong seller's market, says Zillow, doesn’t necessarily mean its prices are soaring — and indeed median prices have been flat here in recent months — but rather quick sales, few price cuts, and homes selling at or above asking price. In buyer's markets, sales are taking longer and price cuts are more common.
Right now, Zillow said, there are big differences in different parts of the country.
Of the top 10 seller's markets, seven are in the West and two are in Texas. San Jose, San Francisco and San Antonio topped the list. For buyers, nine of the top 10 markets are in the Midwest or Northeast, with Cleveland, Philadelphia and Tampa, the only Florida market on either list, the most buyer-friendly.
“The real estate data in markets on both coasts are telling markedly different stories,” said Zillow chief economist Stan Humphries. “Real estate has always been local, and as the spring market gains momentum, this old adage will only become more pronounced.”
Zillow also crunched data at the local level to see what neighborhoods are good for sellers, and for buyers, around Los Angeles. Red-hot Eagle Rock took the top spot for seller's market, followed by Canyon Country in Santa Clarita, Tujunga, Mar Vista and Valencia. The top buyer's markets included the Hollywood Hills, Beverly Glen, Northwood in Irvine, San Pedro and Venice.