As a seasoned Realtor in the vibrant market of Palms, 90034, I'm no stranger to the challenges and opportunities that come with guiding clients through real estate transactions. In September 2023, we witnessed an Absorption rate of 45%—a statistic that perfectly encapsulates the dynamism of this market. With 22 active listings and 10 properties sold within the same month, the real estate landscape here is ever-evolving.

Understanding the Numbers

First, let's break down the numbers. The median sales price for September 2023 stands at a competitive $2,137,500. This figure signifies the value and demand for homes in this area. But what exactly is Absorption rate, and why is it significant?

What Is Absorption Rate?

Absorption rate, simply put, is a reflection of the market's ability to absorb or sell available properties within a specific time frame. In our case, it's a monthly assessment. A rate of 45% means that nearly half of the active listings were successfully sold in the span of a single month.

The Housing Shortage Conundrum

The current housing shortage in Palms, and indeed in many markets across the nation, is no secret. But what's causing this shortage, and what can you do as a buyer or seller to navigate it?

1. High Demand: Palms boasts excellent schools, a vibrant community, and a strategic location in the heart of Los Angeles. These attractions drive high demand, making homes in this area highly sought after.

2. Low Inventory: While demand is high, our inventory isn't quite keeping pace. This scarcity of available homes intensifies competition among buyers, as well as the overall velocity of the market.

3. Rising Prices: The law of supply and demand dictates that when demand exceeds supply, prices increase. As a result, we've seen property values steadily rise, reflecting the immense competition for the limited housing stock.

What You Can Do

For Buyers:

• Stay Informed: With properties moving swiftly, staying up to date on listings is crucial. Work closely with your Realtor to identify new listings as they come on the market.

• Pre-Approval: Get pre-approved for a mortgage. This not only strengthens your position as a buyer but also allows for quick decisions in a fast-paced market.

For Sellers:

• Pricing: Given the demand, this can be an excellent time to sell. However, pricing your property competitively is essential to attract potential buyers.

• Presentation: Ensure your property is in its best condition, both in terms of appearance and documentation. First impressions matter!

The Palms, 90034 real estate market is dynamic and competitive. The 45% Absorption rate in September 2023 tells us that properties are moving quickly. However, it's crucial to understand the reasons behind the housing shortage and to approach buying or selling with a well-informed strategy. Whether you're a buyer or a seller, I'm here to guide you through this bustling market. Don't hesitate to reach out, and let's embark on this exciting real estate journey together.

To discuss your real estate needs in Palms, 90034, feel free to contact me, Nathan Derry, at JohnHart Real Estate, 424-303-0440.

📍JohnHart Real Estate
📞(424) 303-0440
📧 itsnathanderry@gmail.com
🤖 nathan@jhagents.com
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