Rodeo Realty Quoted In LA Times Article on Home Price Stablization

monacohenThe real estate market is always changing. Right now the data seems to indicate that we are entering a time of market stablization (something Rodeo Realty president Syd Leibovitch began to predict late last year). The rapid growth of home prices has slowed and inventory still remains tight. Home sellers are testing the market and seeing multiple offers but the feeding frenzy of last year seems to have abated a bit. DataQuick’s latest numbers showed that the median price in Los Angeles County rose 10% in May to $450,000 from $410,000 a year earlier. This is significant but still lower than the big price jumps we were seeing last year.

In an article on this phenomenon, Los Angeles Times reporter Tim Logan interviewed Mona Cohen of Rodeo Realty Brentwood for her hands-on view of the local market. Mona explained that she often has to explain to sellers that they need to be realistic about pricing.

“They still think they’re in that little bubble of 2013, where you’d put it on the market and have 15 offers,” Mona told the Times. “That still happens in pockets. But buyers have become a lot more savvy.”